You Won’t Believe the Shocking Fine BitMEX Has to Pay for Breaking US Banking Laws!

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The cryptocurrency platform, BitMEX, has been instructed to pay a fine totaling $100 million due to breaches of American banking regulations.

The parent company of BitMEX, HDR Global Trading Limited, was instructed by a federal judge to cover a fine and serve an unmonitored probation period for two years.

On Wednesday, January 15, 2025, Judge John Koeltl of the Southern District of New York’s U.S. District Court dismissed BitMEX’s claim that a prior $110 million penalty adequately covered their violations.

Six months after BitMEX’s parent company admitted guilt to breaching the U.S. Bank Secrecy Act, a new order was issued. In July 2024, the company dismissed the latest guilty plea as “outdated news,” emphasizing that its founders had already made similar admissions of guilt in 2022.

Following the judge’s decision on Jan. 15, BitMEX issued a brief statement. 

Though it’s unfortunate that a new financial fine has been imposed, this sum is significantly lower compared to what the Department of Justice has been seeking from us throughout the past three years.

During the legal proceedings, it was disclosed that the U.S. Department of Justice initially proposed a settlement worth over $200 million in a plea bargain with BitMEX. However, BitMEX declined this proposal, leading the government to subsequently pursue potential penalties amounting to as much as $420 million.

Since the Court decided on an amount significantly lower than expected, which supports our position, we question if U.S. taxpayer funds could have been more effectively used during this timeframe,” BitMEX stated.

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2025-01-16 17:51