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BitMEX Agrees to Pay $100M to Settle Allegations by CFTC and FinCEN

Crypto derivatives exchange BitMEX has agreed to pay up to $100 million to resolve a case from the United States Commodity Futures Trading Commission, or CFTC, and the Financial Crimes Enforcement Network, or FinCEN.

In a Tuesday announcement, the Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York had entered a consent order for HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited and HDR Global Services Limited to be charged with illegally operating the BitMEX platform.

As part of the settlement with both the CFTC and FinCEN, BitMEX will pay a $100 million civil monetary penalty “for illegally operating a cryptocurrency trading platform and anti-money laundering violations.” In addition, the company will be required to hire an independent consultant to conduct a historical analysis of its transactions to determine if it failed to properly report suspicious activity.

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