BitMEX exchange might soon be putting its long-drawn investigation behind it as it has pleaded guilty to violating the United States Bank Secrecy Act. The U.S. Attorney’s Office for the Southern District of New York made the announcement, flagging the exchange’s willful violation of extant laws.
BitMEX Case Eyeing Final Close
The investigation into the flouting of US laws by BitMEX predates 2020. In the early phase of the investigation, the exchange’s co-founder were the center of attraction. Arthur Hayes, Samuel Reed, and Benjamin Delo admitted to running the exchange without demanding Know-Your-Customer (KYC) checks.
According to the prosecutors, this permitted the exchange to operate as a gateway for illicit activities.
“..BitMEX opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Today’s guilty plea indicates again the need for cryptocurrency companies to comply with U.S. law if they take advantage of the U.S. market,” said Damian Williams, US Attorney.
While the co-founders have already paid their price for their role in the exchange’s violations , the exchange is also expected to pay some price as would be decided by U.S. District Judge John G. Koeltl.
This is a developing story, please check back for updates!!
The post Breaking: BitMEX Pleads Guilty To Bank Secrecy Act Offense appeared first on CoinGape.
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