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BitMEX Fined $100 Million for Anti-Money Laundering Violations

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BitMEX, a prominent cryptocurrency exchange, has been fined $100 million by a U.S. District Judge for failing to comply with U.S. anti-money laundering (AML) laws. The fine follows a guilty plea in July 2023 after BitMEX was accused of deliberately ignoring anti-money laundering and “know your customer” (KYC) regulations between 2015 and 2020 to increase revenue. The company was sentenced to two years of probation, and its founders—Benjamin Delo, Arthur Hayes, and Samuel Reed—had previously pled guilty and received probation sentences.

In addition to the $100 million fine, BitMEX had already paid approximately $110 million in related criminal and civil settlements. Prosecutors had initially sought a $417 million fine, arguing that BitMEX failed to show genuine acceptance of responsibility, with the exchange ultimately pleading guilty after its founders’ pleas.

BitMEX contended that no further fine was warranted, pointing to its prior settlements and emphasizing that it has since taken corrective action to become a more compliant business. The company acknowledged it was slow to adapt to regulatory changes during a time of industry uncertainty but has since worked to rectify past issues.

 

TD Bank Appoints Georgia Stavridis to Strengthen Financial Crimes Oversight

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TD Bank has appointed Georgia Stavridis as vice president of financial crimes risk management, a newly created role aimed at bolstering the institution’s compliance measures, according to three sources familiar with the matter. Stavridis, who previously served as HSBC Bank Canada’s chief compliance officer in 2020, joined Royal Bank of Canada (RBC) earlier this year after its $10 billion acquisition of HSBC’s Canadian operations.

In her new position, Stavridis will oversee strategy, performance, and results for TD’s Canadian financial intelligence unit, reflecting the bank’s commitment to enhancing its compliance and risk management programs.

This appointment follows TD Bank’s recent legal challenges. In October, TD became the largest U.S. bank in history to plead guilty to violating anti-money laundering laws, resulting in over $3 billion in penalties. As part of its remedial measures, TD has aggressively recruited top talent for its compliance and risk teams. These include Herb Mazariegos, previously with BMO, as its chief global anti-money-laundering officer, and several former officials from the FBI, U.S. Department of Homeland Security, and Citi.

Stavridis’ prior experience will be critical in navigating TD’s ongoing compliance transformation. HSBC Bank Canada, where she was previously chief compliance officer, faced its own regulatory challenges in 2013 when its parent company, HSBC Holdings Plc, paid $1.92 billion in fines for breaching anti-money-laundering and sanctions regulations in the U.S.

RBC has seen multiple departures from HSBC executives following the expiration of a six-month retention guarantee post-acquisition. This trend reflects a broader reshuffling of talent in the Canadian banking sector as institutions focus on strengthening regulatory compliance and financial crime prevention.

 

Brazil Plans Second Phase of Crypto Regulations by Late 2024, According to Report

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Brazil, as G20 President, Prioritizes Global Crypto Regulation Efforts Devamını Oku