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,

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.

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.

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.

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.

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

BitMEX was fined $100 million for violating the U.S. Bank Secrecy Act from 2015 to 2020. The Justice Department originally sought a $417 million penalty.