BitMEX admits to violating the Bank Secrecy Act for failing to effectively implement anti-money laundering programs

ChainCatcher news, according to an official statement from the U.S. Department of Justice, cryptocurrency exchange and derivatives trading platform BitMEX admitted on Wednesday to violating the Bank Secrecy Act, stating that BitMEX willfully failed to establish, implement, and maintain adequate anti-money laundering programs. The law carries a maximum penalty of five years in prison and fines, and the case has been assigned to U.S. District Judge John G. Koeltl.

U.S. Attorney Damian Williams stated, "As acknowledged by BitMEX's founder and long-time employee in federal court in 2022, the company operated in the U.S. without any meaningful anti-money laundering program as required by federal law. Therefore, BitMEX became a tool for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system."