Crypto Exchange BitMEX Pleads Guilty to Violating US Bank Secrecy Act

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The US Department of Justice has revealed that BitMEX has confessed to violating the Bank Secrecy Act.

This violation took place from 2015 to 2020, during which time BitMEX was a leading platform for bitcoin derivatives but lacked a robust Anti-Money Laundering program.

US Attorney Damian Williams of the Southern District of New York emphasized the seriousness of BitMEX’s actions, stating that the exchange was used for significant money laundering and sanctions evasion, presenting a threat to the financial system’s integrity.

BitMEX’s approach to AML measures was notably lax, as they only required users’ email addresses instead of implementing a proper program that followed Know Your Customer guidelines.

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