๐จ BitMEX Fined $100 Million for AML Failures ๐จ
(Today crypto news)
Cryptocurrency exchange BitMEX has been fined $100 million for failing to implement adequate anti-money-laundering (AML) and know-your-customer (KYC) programs. ๐ตโ This fine, imposed on Wednesday, is much lower than the $417 million initially proposed by prosecutors.
BitMEX pled guilty to violating the Bank Secrecy Act in July and was sentenced to two years of probation in Manhattan federal court. ๐ The exchange acknowledged the fine as โold newsโ and assured that it had already been working on improving its user verification and AML/KYC programs before the charges. ๐
This serves as a reminder to all exchanges to uphold strict compliance standards. โ๏ธ
