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$10M fine on BitMEX Co-Founder: AML Violations

$10M fine on BitMEX Co-Founder: AML Violations 11

One of the founders of Crypto exchange BitMEX was found guilty to violate the laws of Anti Money Laundering in the US. 

BitMEX is a crypto exchange and derivative trading feature-based platform. At present, this exchange is moving toward the expansion of crypto services into something better by giving less importance to the old services. In the present time exchange is planning for its BMEX token and also giving airdrop of 1.5 million BMEX tokens for the users of its platform and exchange trying to introduce a unique level of use case with its native token.

On 9 March, Samuel Reed, Co-founder of BitMEX exchange, was found guilty of violating the rules and regulations made in the US against the prohibition of money laundering, during the hearing in federal court on Wednesday.

In the US District Court in the Southern District of New York for violating the Bank Secrecy Act (BSA), Samuel was found that he ignored & failed to follow the operations of BitMEX under anti-money laundering provisions.

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To violate AML rules, Samuel will pay a total of $10 million as a fine. As part of the announcement from the Department of Justice, he will be subject to jail for a maximum of 5 years. However, the punishment of jail will be decided by the federal judge.

Samuel Reed is the third and the last co-founder of BitMEX, who was found to fail the maintain the operations under compliance, just like the other two Co-founders of BitMEX exchange.

Damian Williams, US Attorney, confirmed that the agency will investigate the other crypto exchanges which are operating their services just like BitMEX against the rules & regulations in favour of bad actors.

“As today’s guilty plea reflects, this Office will not permit cryptocurrency exchanges to operate as a shadow financial system that enables criminal actors to move their illicit proceeds without detection, and will vigorously investigate and prosecute the operators of such exchanges who deliberately flout U.S. law “

Read also: Bill to integrate crypto in the financial system is ready

$10M fine on BitMEX Co-Founder: AML Violations


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