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BREAKING: BitMEX Pays $100 Million to Resolve CFTC and FinCEN Charges

Tue, 08/10/2021 - 18:24
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Alex Dovbnya
BitMEX has reached a resolution with the CFTC and the FinCEN
BREAKING: BitMEX Pays $100 Million to Resolve CFTC and FinCEN Charges
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Cryptocurrency exchange BitMEX has forked out $100 million to reach a resolution with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network, according to its Tuesday announcement

CEO Alexander Höptner says that he's glad to leave the exchange's legal woes in the past:  

Today marks an important day in our company’s history, and we are very glad to put this behind us. As crypto matures and enters a new era, we too have evolved into 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 drivers of our long-term success. 

The company has highlighted its multiple compliance milestones, which include its mandatory ID verification program and its collaboration with blockchain sleuth Chainalysis. 

The exchange has also added that it's seeking to become licensed in several jurisdictions. 

Earlier today, BitMEX also announced that it had partnered with famed football club AC Milan to have its logo on players' kit sleeves.

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Former BitMEX executives will face trial next year 

BitMEX, which emerged as the dominant force in crypto during the 2018 bear market, ended up on the receiving end of a crippling CFTC lawsuit back in October 2020. It was accused of operating an illegal trading platform and facilitating money laundering. 

The Department of Justice also brought criminal charges against former BitMEX CEO Arthur Hayes as well as co-founders Benjamin Delo and Samuel Reed for violating the Banking Secrecy Act.   

The three executives will stand trial in the U.S. in March 2022. 

Hayes surrendered himself to the authorities in Hawaii back in April, but he was released after posting a $10 million bail.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at