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BitMEX Agrees To Pay $100 Million To Settle Allegations

Published 08/11/2021, 03:51 AM
Updated 08/11/2021, 04:00 AM
BitMEX Agrees To Pay $100 Million To Settle Allegations

  • BitMex crypto exchange agreed to pay $100 million to settle allegations.
  • The exchange agreed to pay charges to CFTC and FinCEN.

BitMex crypto exchange agreed to pay $100 million to settle allegations.

On Tuesday, one of the world’s largest trading platforms for crypto derivatives said it would pay $100 million to settle allegations with the Commodities Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN).

As a result, this is one of the biggest agreements ever against a crypto exchange as regulators tighten the security in the crypto industry.

Based on reports, the crypto exchange allowed years of illegal trades. This means it violated anti-money laundering rules. According to CFTC, BitMEX broke laws by letting U.S. residents trade cryptos from November 2014 to October 2020.

In addition, the settlement orders BitMEX to pay $50 million to the CFTC. Also, th...

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