NEO (neo) 
BitMEX Ordered to Pay $100 Million Penalty for U.S. Banking Law Violations
Crypto exchange BitMEX has been ordered to pay a substantial penalty of $100 million for violating U.S. banking laws. The federal judge’s decision, announced on January 15, 2025, also includes a two-year unsupervised probation sentence for HDR Global Trading Limited, BitMEX’s parent company.
Background of the Case
The ruling was made by U.S. District Court Judge John Koeltl of the Southern District of New York. The judge rejected BitMEX’s argument that an earlier fine of $110 million was sufficient for its violations. This decision comes six months after BitMEX’s parent company pleaded guilty to charges of violating the U.S. Bank Secrecy Act.
In July 2024, BitMEX downplayed the new guilty plea, stating it was “old news” and pointing out that its founders had already made similar pleas in 2022.
BitMEX’s Response to the Decision
Following the judge’s decision, BitMEX issued a statement expressing disappointment at the imposition of an additional financial penalty. However, the company noted that the amount was “substantially less” than what the Department of Justice had been pursuing.
“Whilst we are disappointed to learn of the imposition of an additional financial penalty, the amount is substantially less than what the Department of Justice have been pursuing us for over 3 years.”
BitMEX acknowledged that the U.S. Department of Justice initially sought over $200 million as part of a plea deal settlement. After the exchange rejected that offer, the government pursued penalties of up to $420 million.
“Given that the Court has determined an amount substantially below these levels is a justification of our stance and we query whether U.S. taxpayer resources could have been better applied over this period.”
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