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Tag: BitMEX

July 11, 2024

BitMEX Pleads Guilty to Money Laundering Violations, Highlighting Persistent Compliance Issues in Crypto Industry!

The U.S. Attorney for the Southern District of New York has announced that HDR GLOBAL TRADING LIMITED, a/k/a BitMEX, a prominent cryptocurrency exchange and derivatives trading platform, has pled guilty to charges of violating the Bank Secrecy Act (BSA). This admission underscores significant lapses in the exchange's anti-money laundering (AML) protocols, which have been a point of contention for regulatory authorities.

August 18, 2021

Spanish CNMV warns against the crypto broker Dsdaq

CNMV issued an investor warning against broker Dsdaq (www.dsdaq.com) offering to trade securities, derivatives, commodities, indices, and crypto through its app, which is available for Android and the Apple platform. Traders can only deposit cryptos and use them as a sort of trading collateral. Dsdaq compares itself to BitMex and Robin Hood. According to its LinkedIn profile, Dsdaq Market Ltd is a Hong Kong-based company founded by Californian Oliver Hayen and others.

August 11, 2021

U.S. court orders crypto broker BitMex to pay a $100M penalty to CFTC and FinCEN

The U.S. CFTC and FinCEN announced that the U.S. District Court for the Southern District of New York entered a consent order against five companies charged with operating the BitMEX cryptocurrency derivatives trading platform. The companies are HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited. BitMEX has received more than $11 billion in bitcoin deposits and made more than $1 billion in fees.

October 11, 2020

Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

The U.S. Prosecutors charge the BitMex founders Arthur Hayes, Benjamin Delo, Samuel Reed along with the senior manager Gregory Dwyer with (a) violating the Bank Secrecy Act and (b) conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at the crypto exchange or BitMEX. The charges each carry a maximum penalty of five years in prison.

October 9, 2020

BitMEX founders resign amid regulatory enforcement actions and criminal actions

While the CySEC looks away from cryptocurrencies, the U.S. authorities and regulators proceed strictly and consistently in this regard. The U.S. CFTC and U.S. Government announced law enforcement actions action charging the BitMEX co-founders and executives Arthur Hayes, Benjamin Delo, Samuel Reed, Gregory Dwyer, and their legal entities with operating an unregistered trading platform and violating multiple CFTC regulations as well as the U.S. Bank Secrecy Act.

A Dutch Case: Money Laundering Charges Against Former Jumbo CEO Frits van Eerd!

Frits van Eerd, the former CEO of Dutch supermarket chain Jumbo, is facing serious legal troubles. He is being prosecuted for corruption, forgery, and potentially money laundering charges. The case stems from a 2022 investigation that led to raids on Van Eerd's properties, where authorities discovered €448,000 in cash stashed in various locations, including a refrigerator. Van Eerd stepped down as Jumbo's CEO in September 2022.

Yacht Analyst Report: The Infamous “History Supreme” Superyacht – A PR Hoax Unveiled!

The tale of the superyacht History Supreme is another lesson of how easily the public can be misled by flashy, outlandish claims, especially in the context of wealth and luxury. Allegedly owned by the Malaysian businessman Robert Kuok, the History Supreme is a cautionary example of the dangers of unchecked sensationalism and remains a prime candidate for the title of "the biggest PR hoax in boating history."

Impressive: Bezos’ $25M-A-Year Superyacht Maintenance Costs!

The $25M annual cost of maintaining Jeff Bezos' superyacht Koru underscores the extreme expenses tied to the world’s most luxurious vessels, even as sustainable technology becomes a factor. Koru is a 127-meter (417-foot) long sailing yacht, making it the largest sailing yacht in the world. It was built by Dutch shipyard Oceanco and delivered in 2023. It is estimated to have cost around $500 million to build.

CyberFinance: MicroStrategy’s Bold $14.6 Billion Bitcoin Bet: Visionary or Risky Gamble?

MicroStrategy’s Bitcoin-focused strategy may be a daring leap into the future of finance, but it’s also fraught with risks. With $14.6 billion in Bitcoin holdings, the company is now almost entirely dependent on the world’s largest cryptocurrency. Chairman Michael Saylor’s vision of Bitcoin as digital gold could reshape corporate investing, but will it pay off? Only time—and Bitcoin’s volatile market—will tell.

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Legal Farce or Political Strategy? The Contradiction of Sanctions Against Russian Oligarch Mikhail Fridman!

The EU’s contradictory stance on the Russian oligarch Mikhail Fridman reveals a troubling inconsistency between political actions and legal orders. Despite the annulment of his sanctions by the EU’s own courts, Fridman remains sanctioned, and his assets frozen. This is more than a legal anomaly—it is a reflection of the deeper politicization of the sanctions process. Fridman filed a $16B lawsuit against Luxemburg.