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,

BitMEX has been fined $100 million for failing anti-money laundering laws and KYC procedures, with founders pleading guilty and emphasizing the need for financial institutions to adhere to such regulations.

Pioneering cryptocurrency exchange BitMEX was ordered by a judge to pay a $100 million fine for violating US anti-money laundering law, capping one of the first big criminal enforcement cases targeting the crypto market.

Cryptocurrency exchange BitMEX was fined $100 million for failing to maintain an adequate anti-money-laundering and know-your-customer program. The fine imposed on BitMEX on Wednesday was lower than the $417 million prosecutors argued for late last year.

BitMEX, a prominent cryptocurrency exchange, was ordered to pay an additional $100 million fine for violating the U.S. Bank Secrecy Act (BSA) between 2015 and 2020.

BitMEX was fined $100 million Wednesday for U.S. money-laundering violations after a years-long court battle. In 2022, founders Arthur Hayes and Benjamin Delo pleaded guilty to similar charges and paid $10 million in fines. The US government requested that the court dismiss all open counts against the crypto exchange at sentencing.

BitMEX was ordered to pay a $100 million fine Wednesday following a years-long legal battle over money-laundering violations in the U.S.

The U.S. Department of Justice noted that BitMEX violated the Bank Secrecy Act by “willfully failing” to establish US AML rules.

BitMEX ordered to pay $100M fine for violating US money laundering laws, marking the end of a lengthy legal battle.

Prosecutors accuse BitMEX and its founders of failing to adopt anti-money-laundering and “know your customer” programmes.