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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

BREAKING: BitMEX Fined $100 Million For US Money-Laundering Violations

Ronaldo Marquez
Ronaldo Marquez
3 months ago
2 mins read
Crypto

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Federal judge John G. Koeltl has directed BitMEX to pay a $100 million fine, representing the latest development in an ongoing legal dispute regarding money laundering infractions in the US.

BitMEX Faces Major Legal Setback

The legal challenges for BitMEX stem from activities between 2015 and 2020, during which the exchange reportedly failed to adhere to the United States Bank Secrecy Act (BSA). The BSA requires financial institutions to assist government agencies in detecting and preventing money laundering. 

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Despite BitMEX’s attorneys arguing that a previous $110 million fine and earlier guilty pleas from the exchange’s founders were sufficient punishment, Judge Koeltl deemed additional financial penalties necessary.

In 2022, BitMEX’s founders, Arthur Hayes, and Benjamin Delo, admitted guilt to comparable charges, with both consenting to pay a $10 million criminal penalty.

 Exchange Implements Enhanced KYC And AML Measures

In a statement following the ruling, the company expressed disappointment over the additional financial penalty but noted that the amount was significantly lower than the Department of Justice’s (DOJ) initial demands, which exceeded $200 million during plea negotiations and rose to approximately $420 million during sentencing discussions.

The exchange emphasized its commitment to compliance, stating that it has made significant improvements to its operations since the period covered by the BSA charges. 

This includes implementing a robust user verification program and comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. BitMEX asserts that these advancements have been recognized by users, partners, and regulatory stakeholders.

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“We stand firm by the statement that the BSA charge is old news,” the company remarked in its statement. BitMEX expressed a desire to move past these legal challenges and focus on innovation and service delivery for its users. 

The exchange aims to maintain its position as a leading, trusted, and financially stable crypto derivatives platform, continuously launching new products and innovations to meet user demands.

BitMEX
The daily chart shows the total market cap valuation reaching the $3.4 trillion mark. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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