BitMEX Slapped With $100M Fine for Ignoring U.S. Rules — DOJ Isn’t Playing Around

Crypto exchange BitMEX just got hit with a massive $100 million fine after the U.S. Department of Justice ruled that the company blatantly ignored anti-money laundering laws and let users trade with barely any verification.

According to the DOJ, BitMEX and its parent company, HDR Global Trading, violated the Bank Secrecy Act by failing to implement proper KYC and AML protocols. In simple terms? They knowingly let traders, including Americans, use the platform without doing the basic identity checks the law requires.

And it wasn’t just a slap on the wrist — BitMEX also got hit with two years of probation. U.S. Attorney Matthew Podolsky made it crystal clear: if crypto platforms think they can dodge compliance, they’re in for a reality check.

BitMEX Tries to Brush It Off

BitMEX responded to the ruling with a mix of frustration and relief. They admitted guilt back in July 2024, and while they originally agreed to pay $110 million, the court decided to pile on more. BitMEX, though, tried to spin it positively — pointing out that the fine is way less than the $420 million the DOJ was chasing over the past few years.

In a public statement, they called the charges “old news” and said they’re ready to move on, now with a bigger focus on compliance, innovation, and delivering better services. They also claimed they’ve since added stronger AML and KYC systems.

Still, let’s be real — this isn’t a great look.

A Long Track Record of Cutting Corners

It turns out BitMEX’s issues run deep. Founders Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer were fully aware of what they were doing. Court documents show they operated in the U.S. without registering and went out of their way to let users bypass ID checks. One incident even involved misleading a bank to move millions through the system.

So yeah, it wasn’t an accident — it was a calculated choice to prioritize profits over compliance.

And this isn’t the first fallout. Back in 2022, the same founders were fined $30 million in a separate civil case brought by the CFTC, and BitMEX agreed to cough up $100 million to settle with both the CFTC and FinCEN. Hayes had already stepped down as CEO in 2020, later surrendering to U.S. authorities.