According to a Tuesday announcement, cryptocurrency exchange BitMEX has paid $100 million to reach a settlement with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network.
CEO Alexander Höptner says he’s relieved that the exchange’s legal woes are over:
Today is a watershed moment in our company’s history, and we are relieved to put it behind us. As the cryptocurrency market matures and enters a new era, we have evolved into the largest crypto derivatives platform with a fully verified user base. Comprehensive user verification, stringent compliance, and anti-money laundering capabilities are not only trademarks of our company; they are also key drivers of our long-term success.
The company has emphasized its numerous compliance milestones, including its verification program and collaboration with blockchain sleuth Chainalysis.
The exchange has also stated that it is attempting to obtain licenses in a number of jurisdictions.
BitMEX, which emerged as the dominant force in crypto during the 2018 bear market, was hit with a crippling CFTC lawsuit in October. It was charged with running an illegal trading platform and facilitating money laundering.