Our Statement On Recent News
Today, HDR Global Trading Limited (HDR), the entity owning and operating BitMEX, was sentenced to a further financial penalty for its guilty plea for breach of the United States Bank Secrecy Act (BSA), the same plea entered by its founders in 2022. With respect to the sentencing outcome, we would like to share the following statement:
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. This process has run on for years, during which the DOJ first asked for over USD 200 million of new money to settle a plea deal – once we refused this ridiculous offer, they then sought a penalty of approximately USD 420 million in the sentencing proceedings. 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.
Even before the initial BSA charges were made against our founders, we have continuously implemented significant improvements, including a best-in-class user verification programme and comprehensive KYC and AML systems. Our users, partners, and regulatory stakeholders have long recognised that BitMEX’s compliance standards and activities have changed immeasurably since the period subject to the BSA charge.
We stand firm by the statement that the BSA charge is old news (as made in our statement made back in July 2024). We are glad to move past this matter, and look forward to continuing to focus on innovation and delivering the best products and services to our users without further distraction. The BitMEX platform will continue to lead the market as the safest, most trusted, financially-stable, and professionally operated crypto derivatives exchange, employing new products and innovations month by month to many satisfied users.
In the meantime, if you have any questions please contact Support.
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