ANALYSIS: Cryptos Should Learn From $100 Million BitMEX Penalty

Aug. 24, 2021, 9:00 AM

“I’m the bad guy. Duh.”

Multi-platinum recording artist Billie Eilish sang these words in a song in 2019, and millions of album sales and four Grammy awards followed. Once-brash crypto exchange BitMEX made the same basic statement—first in vulgar language on stage in 2019, then in lengthy legalese in Aug. 10 consent agreements with the Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CTFC). Up to $100 million in penalties—and ongoing criminal charges against four former BitMEX executives—followed.

The monetary penalties, which should remind crypto firms of the seriousness of their obligations to comply with U.S. laws ...

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