In Brief

The Department of Justice (DOJ) announced on July 10 that HDR Global Trading Limited, known as the crypto exchange BitMEX, has pleaded guilty to violating the Bank Secrecy Act (BSA).

The DOJ alleged that BitMEX operated without adequate anti-money laundering (AML) program. BitMEX’s founders, Arthur Hayes, Benjamin Delo, Samuel Reed, and the first employee, Gregory Dwyer, faced the allegations.

BitMEX Responds to the DOJ’s Charges

Despite operating in the US and serving its customers, BitMEX only required an email address for access, ignoring the “know your customer” (KYC) requirements. According to the DOJ, this negligence facilitated illicit activities through the platform.

The US Attorney for the Southern District of New York, Damian Williams, emphasized the gravity of the offense. He stated that the exchange’s actions posed a considerable threat to the financial system’s integrity.

“As BitMEX’s founders admitted in federal court, the company operated without a meaningful AML program, opening itself up to money laundering and sanctions evasion schemes,” Williams said.

Additionally, FBI Acting Assistant Director in Charge Christie M. Curtis noted that profit motives drove the exchange’s lax service access credentials and intentional non-compliance.

“Today’s plea represents the FBI’s steadfast dedication to ensuring adherence to all US financial laws, protecting the US financial system, and holding accountable those who attempt to establish a workaround for profits,” Curtis stated.

In response to the DOJ’s announcement, BitMEX responded by saying that the BSA charge, previously brought against its founders in 2020 and sentenced in 2022, is not new. The company emphasizes that it has since fully remediated its operations.

“Our users, partners, and regulatory stakeholders recognize that our compliance standards have changed immeasurably since the period subject to the BSA charge,” BitMEX’s official statement reads.

Get to know Godleak

Godleak crypto signal is a  service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Godleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +160 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Godleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

&nbsp

The company also noted that these charges would not impact its business operations. It reaffirms its commitment to maintaining the highest safety, trust, and financial stability standards.

BitMEX argues that no further fines should be imposed due to the substantial amounts already paid by its founders and through settlements with the CFTC and FinCEN. The company also noted that these charges would not impact its business operations. It reaffirms its commitment to maintaining the highest safety, trust, and financial stability standards.

The BitMEX case reflects broader regulatory scrutiny on the crypto industry. Other major exchanges, such as Binance, have faced similar penalties.

Binance’s founder and former CEO, Changpeng Zhao, was recently sentenced to four months in federal prison for failing to implement appropriate AML protocols. The US courts are also getting ready to sentence individuals linked to the defunct crypto exchange FTX.