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."

ChainCatcher news, Paxful co-founder and former Chief Technology Officer Artur Schaback pleaded guilty on Monday to failing to maintain an effective anti-money laundering (AML) program at the cryptocurrency exchange, and now faces up to five years in prison.On July 8, the U.S. Department of Justice announced that Schaback is scheduled to be sentenced on November 4, and he will resign from the Paxful board.A plea agreement submitted the same day in a California federal court shows that government prosecutors agreed to impose a $5 million fine on Schaback, which he will pay in three installments: $1 million on the day of the plea, $3 million on the day of sentencing, and the final $1 million to be paid within the next two years.