Bloomberg Law
Nov. 20, 2020, 6:24 PM UTC

ANALYSIS: BitMEX Failures Reinforce Crypto AML Requirements

Patty Tehrani
Patty Tehrani
Legal Analyst
Robert Kim
Robert Kim
Legal Analyst

The Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) actions against BitMEX in October are the federal government’s latest warning to the crypto sector that brazen flouting of anti-money laundering (AML) laws and regulations will have dire consequences. They demonstrate that U.S. government support for financial innovation and ingenuity will never eclipse its imperative to ensure compliance with AML requirements.

BitMEX—derived from Bitcoin Mercantile Exchange—is a cryptocurrency and crypto-derivatives trading platform that has facilitated $1 trillion in cryptocurrency derivatives transactions, earning more than $1 billion in fees, since its inception in 2014. Owned ...

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