BitMEX was not supposed to serve US customers, yet Americans made up around 11.5% of their customers. "BITMEX policies nominally in place to prevent such trading were toothless or easily overridden to serve BITMEX's bottom line goal of obtaining revenue through the U.S. market without regard to U.S. criminal laws," alleged a press release by the US Attorney's Office of the Southern District of New York. They added: "Corporate executives took affirmative steps purportedly designed to exempt BITMEX from the application of U.S. laws like AML and KYC requirements, despite knowing of BITMEX's obligation to implement such programs by operating in the U.S. As part of BITMEX's willful evasion of U.S. AML laws, the company lied to a bank about the purpose and nature of a subsidiary to allow BITMEX to pump millions of dollars through the U.S. financial system."
BitMEX fined additional $100 million for regulatory violations
Although BitMEX had previously tried to argue that they should not face additional penalties after being fined $110 million in 2024 for Bank Secrecy Act violations, a judge has disagreed. BitMEX pleaded guilty to failing to implement an adequate anti-money laundering program, as required by US regulations. During the five-year period of "willful" non-compliance, the firm allegedly drew $1.3 billion in revenues.
- "Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act", press release by the U.S. Attorney's Office, Southern District of New York [archive]
- "BitMEX hit with additional $100 million fine over Bank Secrecy Act violations: report", The Block [archive]