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According to a recent announcement by the US Department of Justice, the BitMEX exchange has admitted to the charges against it. The platform, which failed to establish and follow an AML policy, has admitted to violating the Bank Secrecy Act due to past mistakes.
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HDR GLOBAL TRADING LIMITED (Bitcoin Mercantile Exchange) admitted to the charges today. Known to investors as BitMEX, the exchange was found guilty today of violating the Bank Secrecy Act for failing to establish and implement an anti-money laundering program.
US Attorney Williams commented on the recent development:
“As BitMEX’s founders and long-time employees admitted in federal court in 2022, the company, one of the world’s leading cryptocurrency derivatives platforms from 2015-2020, operated in the United States without a meaningful anti-money laundering program as required by federal laws. As a result, BitMEX became an alternative for large-scale money laundering and sanctions evasion schemes, posing a threat to the financial system.”
Arthur Hayes, Benjamin Delo, and Samuel Reed did not register the exchange, founded in 2014, with the CFTC and did not establish an AML (anti-money laundering) program during this period.
“HDR GLOBAL TRADING LIMITED, an entity based in the Republic of Seychelles, was found guilty of violating the Bank Secrecy Act, which carries a maximum penalty of five years in prison and a fine. The maximum penalty in this case is determined by Congress, and the sentence the defendant will receive is determined by the judge, provided here for informational purposes only.”
