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The cryptocurrency exchange BitMEX has been fined $100 million for deliberately ignoring U.S. anti-money laundering laws in order to boost revenue, the U.S. Department of Justice said on Wednesday.
BitMEX was founded in 2014 by Arthur Hayes, [3] Ben Delo, and Samuel Reed, with financing from family and friends. [4] Bitmex completed a SAFE [clarification needed] round of investment in July 2015 then shortly after was inducted into SOSV batch 8 china accelerator program where it sold equity in exchange for labour and financing.
BitMEX was the first crypto exchange to be charged under the Bank Secrecy Act. The laws require that transactions that are over $10,000 be reported. It is known as Know Your Customer (KYC) information. Hayes stepped down from BitMex in October 2020. Alexander Hoptner replaced Hayes as CEO of BitMEX. [22] [14] [7] [23]
In 2014, Delo met Arthur Hayes and Sam Reed, and they co-founded BitMEX, a cryptocurrency derivatives trading platform. [4] In 2018, The Times reported that Delo was the United Kingdom's youngest self-made billionaire. [5] [6] As noted in a 2020 IPSO complaint, The Times removed a reference that he had been included in the 2018 Sunday Times ...
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In 2022 BitMEX, a cryptocurrency exchange trading platform failed to maintain a compliant anti-money laundering and customer identification program, and to report suspicious activity. [ 13 ] [ 14 ] BitMEX received a civil monetary penalty of $100 million from FinCEN for violating the Bank Secrecy Act (BSA).