BitMEX Fined $100 Million for Anti-Money-Laundering Failures The Wall Street Journal https://www.wsj.com/articles/crypto-exchange-bitmex-fined-100-million-for-anti-money-laundering-failures-b6ff97b5 BitMEX, the cryptocurrency exchange, has been penalized with a $100 million fine due to its failure to implement a robust AML and KYC program. This punishment was significantly lower than the $417 million sought by prosecutors late last year. Additionally, the company, which admitted guilt in July for violating the Bank Secrecy Act, was sentenced to two years of probation during a federal court hearing in Manhattan. Prosecutors highlighted that BitMEX neglected critical regulations designed to prevent money laundering while knowingly servicing US-based clients. SEC Sues Elon Musk Over Twitter-Related Securities Violations The New York Times https://www.nytimes.com/2025/01/14/technology/sec-elon-musk-securities-violations.html US securities regulators filed a lawsuit against Elon Musk in federal court in Washington, stemming from his $44 billion acquisition of Twitter (X). This legal action against Musk, who has emerged as a key advisor to President Donald J. Trump, is anticipated to be one of the more controversial concluding moves of the Securities and Exchange Commission under the leadership of departing chair Gary Gensler. However, its impact may soon be diminished as Trump prepares to appoint new leadership for the agency. The SEC alleges that Musk violated securities laws by accumulating a substantial stock position in Twitter in 2022 without the necessary filings, asserting that he delayed the required disclosure to the SEC by 11 days. American Express to Pay $230 Million in Fines for Aggressive Sales Practices The Wall Street Journal https://www.wsj.com/finance/american-express-to-pay-230-million-in-fines-for-aggressive-sales-practices-3ec2b68d American Express has committed to paying around $230 million in penalties due to misleading practices related to selling credit cards and wire services to small business clients. This settlement encompasses a $108.7 million civil penalty imposed by the Justice Department, alongside a non-prosecution agreement with the Eastern District of New York, stemming from a criminal investigation into some of these activities. Additionally, the company anticipates finalizing an agreement in principle with regulators at the Federal Reserve in the coming weeks. This Federal Reserve matter will contribute to the overall penalty, which American Express has indicated is included in the estimated $230 million total.