Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
According to newly published court documents, the Seychelles-based crypto exchange willfully failed to set up an adequate know-your-customer and anti-money laundering program at the exchange between September 2015 and September 2020, when the Commodity Futures Trading Commission with offering illicit crypto derivative trading services to U.S. customers and the DOJ charged four of the exchange’s employees with violating the BSA.
“As BitMEX’s founders and long-time employee admitted in federal court in 2022, the company, one of the leading cryptocurrency derivatives platforms in the world from 2015 to 2020, operated in the United States without any meaningful anti-money laundering program, as required by federal law,” said U.S. Attorney Damian Williams in a DOJ press release.
However, BitMEX also pleaded guilty to lying to a foreign bank as part of its violation of the BSA. According to the court documents, the company and its executives made false statements to an unnamed international bank to convince the bank to open a bank account for a shell company called Shine Effort Inc. Limited, ultimately controlled by Delo, for which BitMEX was the beneficial owner.
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