News Snapshot:
The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty in the amount of $100 million against BitMEX, one of the oldest and largest convertible virtual currency derivatives exchanges, for violations of the Bank Secrecy Act (BSA) and FinCEN’s implementing regulations. BitMEX, which operated as an unregistered futures commission merchant (FCM) and provided money transmission services, willfully failed to comply with its obligations under the BSA. FinCEN’s action is part of a global settlement with the U.S. Commodity Futures Trading Commission (CFTC). “BitMEX’s rapid growth into one of the largest futures commission merchants offering convertible virtual currency derivatives...
