The cryptocurrency exchange BitMEX has been ordered to pay a $100 million fine for US banking law violations, according to CoinTelegraph. Moreover, the decision was ordered by a federal judge in Manhattan Wednesday in the latest development in the platform’s ongoing legal saga.
BitMEX was once one of the leading cryptocurrency exchanges on the planet. In July of last year, the company pleaded guilty to US criminal charges. Specifically, they admitted a failure to “maintain an adequate anti-money laundering program,” prosecutors said, according to a Wall Street Journal report.
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BitMEX Gets $100 Million Fine from US Federal Judge
The digital asset sector has come tremendously far over the last several years. In 2024, the industry welcomed the first wave of crypto-based ETFs in the United States’ history. Moreover, prominent financial institutions like BlackRock became staples in the evolving sector.
Yet, the industry is still coping with ongoing legal troubles from platforms of cryptocurrencies past. One of the most prominent situations received an important update Wednesday. Indeed, cryptocurrency exchange platform BitMEX has been ordered to pay $100 million in fines for US banking law violations.
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The platform faced legal action in 2021. Then, the exchange settled with US regulators through a $100 million payment. Just a year later, three of BitMEX’s founders pleaded guilty to US charges, paying a $10 million fine each.
Last year, the exchange once again pleaded guilty to its latest charge, calling the latest legal development “old news.” The platform stated that it was the same charge brought in 2020 while noting they “have accepted the BSA Charge.” The most recent legal penalty shows that it has yet to pay its price for its illegal activity, according to the US courts.