BitMEX Settles Case With $100M Fine against CFTC and FinCEN

One of the big case against Bitmex now ends up. Bitmex paid a fine of $100 million to the CFTC & FinCEN. Now Bitmex will look forward to a new fresh plan for the long term.

A case was going against Bitmex under the raised issues by Securities and Exchange Commission’s CFTC & FinCEN. Now at this end, Bitmex Give Up and settled this case by filling the fine. 

Under this settlement, BitMex paid $100 million. This amount of fine will be split between CFTC & FinCEN equally. And also BitMex, which is a type of crypto exchange which was popular with the futures trading with Bitcoin, will comply with the rules & regulation strongly. 

There were huge allegations against BitMex for not following the rules of Anti Money Laundering & some unfair activities that may bring problems for the regulation authorities. 

BitMex team state after the whole settlement of this case 

“we are very glad to put this behind us. As crypto matures and enters a new era, we too have evolved into the largest crypto derivatives platform with a fully verified user base. Comprehensive user verification, robust compliance, and anti-money laundering capabilities are not only hallmarks of our business – they are drivers of our long-term success.”

So probably, BitMex will enter this crypto market with better & fresh new plans that will be much regulated under the rules & also they will take care about any type of risks that may be possible. 

Here it is worth noting that all the management of BitMex (  Arthur Hayes, Samuel Reed, and Ben Delo) are not involved in this settlement. And the case which remained for Hayes will go to trial by 2022. 

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