BitMEX Fined $100 Million, Block Inc. to Pay $80 Million and $175 Million for Security and Compliance Failures

The cryptocurrency exchange BitMEX has been fined $100 million by the U.S. Department of Justice for deliberately disregarding U.S. anti-money laundering laws to enhance revenue. Additionally, Block Inc., the parent company of Cash App, has agreed to pay an $80 million fine to 48 state financial regulators due to inadequate policies for preventing money laundering. Furthermore, Block has been ordered to pay $175 million to users and the Consumer Financial Protection Bureau's victim relief fund, attributed to weak security procedures, as reported by federal authorities.