BitMEX Seeks Buyer After Fine
Date: 2025-03-03 Author: Henry Casey Categories: BUSINESS
Under this law, companies must monitor and report suspicious financial transactions to authorities. The court ruling was issued last month, while BitMEX's guilty plea occurred back in July 2024.
According to CoinDesk's sources, the platform's financial difficulties began back in 2020, when it was charged by US regulators for failing to comply with anti-money laundering rules. As a result of decreased popularity among traders and pressure from authorities, the exchange lost a significant portion of its users.
BitMEX has officially pleaded guilty to charges brought by the US Commodity Futures Trading Commission (CFTC). This led to a reshuffle, with co-founder Arthur Hayes forced to step down as CEO, and his partners, Ben Delo and Samuel Reed, also under investigation.
The exchange, founded by Hayes in 2014, has long been one of the leading platforms for trading cryptocurrency derivatives. In 2019, BitMEX reported annual trading volumes of over $1 trillion, confirming its significant influence in the market.
However, since November 2024, the exchange's monthly trading volumes have not exceeded $30 billion, which is significantly lower than the figures of previous years. For example, in 2021, this figure consistently exceeded $100 billion. These changes confirm a decline in interest in the platform amid its legal and regulatory problems.
