Crypto exchange BitMEX has agreed to pay a $ 100 million fine to refute allegations made by US regulators in October 2020.
“An important day in the company’s history”
As crypto derivatives platform BitMEX explains in a blog post, the company has reached an agreement with the Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC).
According to the CFTC, an agreement was reached with the five companies responsible for operating the platform: HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited and HDR Global Services (Bermuda) Limited.
The CFTC writes:
“The order requires the BitMEX companies to pay a civil fine of $ 100 million and provides that up to $ 50 million of the fine may be offset by payments made by the BitMEX companies or credited to them in accordance with a consent given by the Financial Crimes Enforcement Network to set a civil fine.”
VanEck Director Gabor Gurbacs is enthusiastic about the agreement, comments:
“BitMEX today reached an agreement with the CFTC and FinCEN. Congratulations @CryptoHayes, @ AlexHoeptner, the BitMEX team and all the authorities and regulators involved. It’s hard to innovate responsibly. I am glad that there is a way forward for innovators! Congratulations to all!”
Today @ BitMEX reached a resolution with the CFTC and FinCEN. Congratulations @ CryptoHayes, @ AlexHoeptner, BitMEX team & all agencies & regulators involved. It’s hard to responsibly innovate. I am glad there is a way forward for innovators! Cheers everyone! https://t.co/GjBeOLQ10D
– Gabor Gurbacs (@gaborgurbacs) August 10, 2021
“Driving forces for long-term success”
Alexander Höptner, Chief Executive Officer of BitMEX, also expressed his relief at the development:
“Today is an important day in the history of our company, and we are very happy to leave it behind. As crypto matures and enters a new era, we too have become the largest crypto derivatives platform with a fully verified user base. Comprehensive user verification, robust compliance and anti-money laundering capabilities are not only hallmarks of our business – they are the drivers of our long-term success.“
The Exchange takes its responsibilities very seriously and will continue to work actively with regulators around the world. One wants to play a positive role in”shaping the future of this extraordinary asset class”.
In an interview with the crypto publication Coindesk, Höptner comments in a similar way to Binance CEO Changpeng Zhao and emphasizes: You should not leave regulation to the regulators, but take action yourself. Home:
“My general advice to the industry: we should get on the road together with regulators and not let them work on it alone.“
“We should embark on that journey together with regulators and not let them work on it [on their own].”
– CoinDesk (@CoinDesk) August 12, 2021
However, the CFTC is not quite finished with the case, as the authority explains, because: Against the BitMEX founders Arthur Hayes, Benjamin Delo and Samuel Reed, the proceedings are continuing. Former CEO Arthur Hayes and his co-founders are still under indictment. The accusation: They are said to have allowed users to register with the derivatives exchange unidentified (without identification).
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- Excellent Trading Tools
- Large knowledge and training database
- Very good spreads
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.