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BitMex pays $100M settlement to Crypto Regulators

Incentivized P2P crypto exchange BitMex in one of the biggest settlements in history has doled out a civil monetary penalty of $100 million to the US Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN).

The mainstream crypto derivative has been under the glass after financial regulators found that the firm was guilty of flouting the anti-money laundering laws and its crypto-trading services were illegal.

Bitmex alongside its three cofounders was accused by the CTFC of operating for a minimum period of six years, accepting and processing orders without the appropriate clearance from the regulators.

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However, BitMex CEO Alexander Hotptner says the firm is “glad” to find a settlement and it will continue to “actively engage with regulators around the world…to shape the future of this extraordinarily asset class.”

Financial regulators have gone in hard against erring crypto firms lately, the US Securities Exchange Commission and Poloniex agreed to a $10 million settlement pact last week.

NEXT: Iran’s Tax Authority moves to legalize Crypto Exchanges

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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