Crypto exchange BitMEX has been ordered to pay a $100 million fine for violating US banking laws.
A federal judge ordered HDR Global Trading Limited, the parent company of BitMEX, to pay the fine as well as a two-year term of unsupervised probation.
In a ruling issued Wednesday, January 15, 2025, Judge John Koeltl of the U.S. District Court for the Southern District of New York rejected BitMEX’s argument that a prior fine of $110 million was sufficient for its violations.
The order comes six months after BitMEX’s parent company pleaded guilty to charges of violating the US Bank Secrecy Act. In July 2024, the company downplayed the new guilty plea as “old news”, pointing out that its founders had already pleaded similarly in 2022.
Following the judge’s ruling on January 15, BitMEX issued a brief statement.
“While we are disappointed to learn of the imposition of an additional financial penalty, the amount is significantly lower than what the Department of Justice has been seeking from us for over 3 years.”
BitMEX acknowledged that during the case, the U.S. Department of Justice initially sought more than $200 million as part of a plea deal. After the exchange rejected this offer, the government imposed sanctions of up to $420 million.
“Given that the Court determined an amount significantly lower than these levels, this vindicates our position and we question whether U.S. taxpayer resources could have been better used during this period,” BitMEX wrote.
