BitMEX Admits to Violating Banking Secrecy Act: Implications for the Crypto Industry

The U.S. Department of Justice (DOJ) announced on Wednesday that BitMEX has admitted to violating the Bank Secrecy Act (BSA). The Seychelles-based cryptocurrency exchange failed to implement adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) programs between September 2015 and September 2020. The DOJ has charged four BitMEX employees with violating the BSA, highlighting