👀 BitMEX fined 100 million USD for violating anti-money laundering laws
From 2015 to 2020, BitMEX did not fully implement AML and KYC measures, allowing money laundering and illegal trading with U.S. customers. As a result, the exchange faced a 100 million USD penalty from U.S. authorities.
BitMEX's management was accused of ignoring internal compliance warnings to prioritize rapid expansion. After the fine, BitMEX restructured its compliance system, implementing stricter KYC processes, but the exchange's reputation suffered severely.
The incident underscores the determination of regulatory authorities to control the cryptocurrency industry, requiring all exchanges to strictly adhere to financial regulations.