Block Insider
  • News
  • Market Analysis
  • InsightsSoon
  • EnglishEnglish
    • PortuguêsPortuguês
  • Login
No Result
View All Result
Saturday, June 25, 2022
ADVERTISE
SUBSCRIBE
  • News
  • Market Analysis
  • InsightsSoon
No Result
View All Result
Block Insider
No Result
View All Result
Home News

BitMEX Agrees to Pay $100M in Penalties to FinCEN, CFTC

Nicholas Say by Nicholas Say
August 11, 2021
Reading Time:2 mins read
BitMEX Agrees to Pay $100M in Penalties to FinCEN, CFTC
TelegramTwitterRedditWhatsapp

On Tuesday, the Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court had already agreed with the order to charging HDR Global Trading Limited, HDR Global Services Limited, ABS Global Trading Limited, 100x Holding Limited, and Shine Effort Inc Limited for illegally operating the BitMEX platform.

RELATED POSTS

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

BitMEX also will pay a $100 million civil monetary penalty with the charge of “illegally operating a cryptocurrency trading platform and anti-money laundering violations”, which is part of the settlement with both the CFTC and the Financial Crimes Enforcement Network (FinCEN).

The company will be required to hire an independent consultant for the detective historical analysis of its transactions to determine that it failed to properly report suspicious activity.

“This case reinforces the expectation that the digital assets industry, as it continues to touch a broader pool of market participants, takes seriously its responsibilities in the regulated financial industry and its duties to develop and adhere to a culture of compliance,” said Rostin Behnam of CFTC, “The CFTC will take prompt action when activities impacting CFTC jurisdictional markets raise customer and consumer protection concerns.”

According to the announcement from CFTC, though the settlement was from the case against former CEO Arthur Hayes and other executives at BitMEX, the involved individuals are still faced charges for alleging violations of the Bank Secrecy Act.

To wit,

“BitMEX allowed customers to access its platform and conduct derivative trading without appropriate customer due diligence — collecting only an email address and failing to verify customer identity,” said FinCEN. “Despite BitMEX’s public representation that its platform was not conducting business with U.S. persons, FinCEN found that BitMEX failed to implement appropriate policies, procedures, and internal controls to screen for customers that use a virtual private network to access the trading platform and circumvent internet protocol monitoring.”

Advertise
ADVERTISEMENT

FinCEN also reported 588 instances of suspicious BitMEX activity to the government agency for more than six years and alleged the exchange did not maintain adequate

ShareTweetShareSend
Nicholas Say

Nicholas Say

Nicholas Say is a writer, visual artist, and lover of thought. He has written extensively on cryptocurrencies (Blockonomi, Coinjournal), and sees them as a way for people to come together globally.

Related Posts

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
News

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

March 10, 2022
Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
News

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

March 2, 2022
ByTask Force Pushes Biden Administration to Tighten Cryptocurrency Regulation
News

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

February 24, 2022
News

Buffett’s Company Invests in Crypto-Focused Bank while MasterCard will Offer Crypto & NFT Services

February 18, 2022
News

New Crypto Coalition Stepped in Amidst a Dramatic Tuesday Comeback of Crypto Pricings

February 11, 2022
Facebook Decides to Retreat from Its Banishment on Cryptocurrency Advertisements
News

Facebook’s Dream of Its Global Cryptocurrency Comes to an Official End

February 3, 2022
Next Post
Dogecoin, Chainlink, Price Analysis – 11 August

Dogecoin, Chainlink, Price Analysis – 11 August

Filecoin, Tron, Price Analysis – 11 August

Filecoin, Tron, Price Analysis – 11 August

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Binance Decides to Launch Its Own NFT Marketplace in June 2021

Binance Decides to Launch Its Own NFT Marketplace in June 2021

April 28, 2021
The Graph, Algorand Price Analysis – 29 July

The Graph, Algorand Price Analysis – 29 July

July 29, 2021

NCR Corporation Set to Acquire Bitcoin ATM company

August 3, 2021

Popular Stories

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Block Insider

A financial portal covering Blockchain News, Crypto Insights and Market Analysis.

Recent Posts

  • Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
  • Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
  • Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

Categories

  • Market Analysis
  • News
  • Press Release

© 2022 Block Insider

No Result
View All Result
  • News
  • Market Analysis
  • EnglishEnglish
  • PortuguêsPortuguês

© 2022 Block Insider

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?