BitMEX's $100 Million AML Fine

A US court fined cryptocurrency exchange BitMEX $100 million for violating the Bank Secrecy Act between 2015 and 2020 due to insufficient anti-money laundering (AML) and know-your-customer (KYC) measures. This penalty, significantly lower than the initially sought $417 million, follows BitMEX's guilty plea and previous settlements. The exchange's founders also received individual fines and probation. BitMEX contends the issue is resolved and that its compliance measures have since improved. The article notes the ongoing impact of regulatory scrutiny within the cryptocurrency industry.🎧 Tune in now for expert insights and get actionable strategies for your organization. Follow The Compliance Officers Playbook show/page and tap the (🔔) for 𝐝𝐚𝐢𝐥𝐲 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐭𝐫𝐞𝐧𝐝𝐬, 𝐚𝐧𝐝 𝐦𝐨𝐫𝐞. If you enjoyed this episode, we’d love to hear from you! Follow us to stay updated on future episodes, and don’t forget to leave a review and rating ⭐️⭐️⭐️⭐️⭐️Your feedback helps us improve and reach more listeners like you. Thank you for your support! ❤️🙏

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