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On January 15, the United States Department of Justice (DOJ) announced that BitMEX and its parent company, HDR Global Trading Limited, have been fined $100 million for violating the Bank Secrecy Act (BSA). The court found that the crypto exchange willfully failed to establish adequate anti-money laundering (AML) and know-your-customer (KYC) protocols. BitMEX’s Response In addition to the fine, the company was sentenced to two years of probation. U.S. Attorney Matthew Podolsky emphasized the ruling’s significance, stating that it sends a strong message to companies that non-compliance with AML and KYC requirements will result in severe consequences. The development follows the firm’s guilty plea in July 2024 to BSA violations after a prolonged legal battle. The company had initially agreed to pay $110 million in penalties but faced additional financial sanctions imposed by the court. BitMEX responded to the judgment in a statement , expressing disappointment over the added penalty but highlighting that the amount was significantly lower than the $420 million the DOJ had pursued over the past three years. The firm characterized the charges as “old news” and expressed relief at resolving the matter, revealing its commitment to moving forward with a renewed focus on innovation and quality services. It also noted efforts to strengthen regulatory compliance, including implementing advanced user verification systems and comprehensive AML and KYC frameworks. Legal Fallout Court documents disclosed that BitMEX, founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, with Gregory Dwyer joining in 2015, knowingly operated in the United States without proper registration or a sufficient AML program. Despite being fully aware of legal requirements, the company’s executives bypassed KYC protocols, allowing U.S. traders to access the platform with minimal verification. Investigations further revealed that the exchange deliberately took steps to evade U.S. laws and misled a bank about a subsidiary’s operations to funnel millions of dollars through the financial system, prioritizing profits over compliance with regulatory obligations. This latest judgment is part of a criminal case following separate settlements. Hayes, Delo, Reed, and Dwyer had all previously pleaded guilty to violating the Bank Secrecy Act and were sentenced in 2022. Earlier that year, the executives were also fined a combined $30 million in a civil case brought by the Commodity Futures Trading Commission (CFTC). At the time, BitMEX agreed to pay $100 million to settle with the CFTC and the Financial Crimes Enforcement Network (FinCEN). Hayes also stepped down as CEO in 2020 and later surrendered to U.S. authorities in connection with the criminal charges. The post BitMEX Fined $100M for Violating Bank Secrecy Act appeared first on CryptoPotato .
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Crypto Experts Suggest These Altcoins Might Be Better Investments Than Cardano (ADA): Polkadot, Near Protocol, and Remittix
Are you searching for investments poised to skyrocket? With Cardano`s recent stagnation, many investors are seeking alternative altcoins to hold by 2025, excluding ADA. Specialists have identified three tokens that could surpass ADA by then. These projects are NEAR Protocol (NEAR), Polkadot (DOT), and Remittix (RTX) . This article will delve into why each might be a more favorable long-term hold than Cardano. Exploring Polkadot (DOT) Polkadot (DOT) functions as a blockchain connecting various networks. Its emphasis on interoperability empowers developers to build across multiple chains. Recently, Polkadot (DOT) gained attention when Koni Stack partnered with Mythical Games to introduce Football Rivals, enhancing user interaction. Another significant milestone is the introduction of vDOT, a liquid staking token enabling extra DOT borrowing. The project hit $2.2 million in Total Locked Value within 15 hours of listing vDOT on a public money market. This achievement suggests Polkadot could be one of the most promising long-term holds. Despite a 23.37% drop in the past 30 days, experts believe it could bounce back. The ongoing DeFi innovations underscore why Polkadot is considered a top altcoin to hold in 2025. Understanding Near Protocol (NEAR) Near Protocol (NEAR) made waves by being the first non-EVM chain to fully integrate with MetaMask. This integration simplifies accessibility for users familiar with Ethereum tools. The NEAR Snap feature facilitates account creation and transaction signing directly from MetaMask, highlighting Near Protocol`s commitment to advancing Web3. Despite currently being valued at $5, NEAR experienced a +25.41% increase last month. Although it declined 4.97% this week, some view Near Protocol (NEAR) as a premier altcoin to hold in 2025. Its focus on user-friendly experiences could attract more developers, fostering significant projects on Near Protocol. Spotlight on Remittix (RTX) Remittix (RTX) is gaining significant attention for its practical payment solutions. Unlike Polkadot (DOT) or Near Protocol (NEAR), Remittix (RTX) aims to make international money transfers more affordable and faster. Its PayFi model connects crypto with traditional banking, allowing users to convert over 40 cryptocurrencies into fiat and deposit funds into bank accounts within 24 hours. The rising demand for Remittix (RTX) is evident as its price recently climbed to $0.0207, reflecting investor enthusiasm. Experts praise Remittix for addressing everyday challenges rather than purely technical issues. They regard Remittix (RTX) as the top choice among the three, with significant potential to surpass Cardano. For those prioritizing real-world utility, Remittix could be the best altcoin to hold in 2025. Summary Crypto specialists believe Polkadot (DOT), Near Protocol (NEAR), and Remittix (RTX) offer more potential than Cardano (ADA). Polkadot excels with its cross-chain capabilities, Near Protocol shines with user-centric tools, and Remittix addresses tangible payment challenges. The recent growth of Remittix (RTX) suggests it might present the best opportunity for substantial returns. If you`re seeking alternatives to Cardano, these three coins could deliver robust gains. However, always conduct thorough research, as crypto markets are highly dynamic. The key is to choose projects with real value—like Remittix (RTX)—that can thrive even in challenging market conditions. Join the Remittix movement today: Secure Your Remittix Tokens Here Connect with Remittix on Social Media Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice. Crypto Potato
