BitMEX Hit with $100M Fine as It Strengthens Compliance Efforts

The U.S. Department of Justice (DOJ) announced on January 15 that BitMEX and its parent company, HDR Global Trading Limited, have been fined $100 million for violations of the Bank Secrecy Act (BSA).

This penalty follows their guilty plea in July 2024 after a protracted legal dispute.

Initially, the DOJ sought penalties exceeding $200 million, later raising the figure to $420 million. The court, however, settled on a reduced fine. HDR expressed disappointment with the outcome but noted the penalty was significantly lower than the DOJ’s demands. The company also criticized the lengthy legal process, questioning its efficiency.

The case centered on allegations that BitMEX failed to implement adequate anti-money laundering (AML) and know-your-customer (KYC) protocols. BitMEX defended its current compliance standards, highlighting its “best-in-class” user verification system and enhanced AML measures introduced since the charges were filed.

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While the fine adds to BitMEX’s regulatory challenges, the company remains focused on moving forward. It described the charges as “old news” and emphasized its dedication to innovation and operational security. Headquartered in Seychelles, BitMEX continues to serve global markets but remains restricted from operating in the U.S. due to regulatory limitations.

Despite the setbacks, BitMEX aims to solidify its position in the crypto trading industry by offering high-leverage perpetual contracts and maintaining a reputation for financial stability. The company views this resolution as a step toward rebuilding trust and expanding its global footprint in the evolving digital asset landscape.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.