BitMEX Settles Case with CFTC and FinCEN

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Crypto exchange BitMEX has reached a settlement in the case with the Commodity Futures Trading Commission (CFTC) and the FinCEN, according to the announcement made by the trading platform.

As part of the agreement, the platform will pay a $100 million fine to settle the case. The CFTC will receive $50 million and the FinCEN other $50 million.

The agreement with both regulators is part of the company’s effort to comply with the regulations, which include verification systems, new systemic processes and new employees.

The exchange CEO Alexander Höptner said:

“Today marks an important day in our company’s history, and 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.”