On August 10, 2021, the Financial Crimes Enforcement Network (“FinCEN”) and the Commodity Futures Trading Commission (“CFTC”) jointly announced $100 million in civil settlements with five entities responsible for the operations of BitMEX, a foreign peer-to-peer convertible virtual currency (“CVC,” or cryptocurrency) derivatives exchange.  FinCEN said that the settlement represents FinCEN’s first enforcement action against a futures commission merchant (“FCM”).  The settlements signal continued regulatory scrutiny of cryptocurrency exchanges, particularly those based outside the U.S., for their anti-money laundering (“AML”) compliance and compliance with related securities and derivatives laws.

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