Cryptocurrency exchange and derivatives platform BitMEX is looking for a buyer and has hired independent investment bank Broadhaven Capital Partners to oversee the sale, according to sources cited by CoinDesk.
The move comes shortly after a federal judge imposed a $100 million fine on BitMEX for violating the Bank Secrecy Act, which requires financial firms to report suspicious transactions to prevent money laundering. The exchange had previously pleaded guilty to the charges in July 2024.
BitMEX isn’t the only crypto firm exploring a sale this year. Derivatives exchange Deribit has reportedly drawn acquisition interest, with digital asset platform Kraken among the potential buyers, though no formal sale process had been initiated as of mid-January.
Deribit, which dominates the market for crypto options trading, has been working with FT Partners to assess takeover bids. However, CEO Luuk Strijers denied that the company is actively pursuing a sale. According to Bloomberg, Deribit could be valued at $4 billion to $5 billion or more in a deal.
Coinbase has also shown interest in acquiring Deribit, though it is unclear how far discussions have progressed. No other major buyers have come forward publicly, but the firm hinted at continued interest from unnamed parties.
The charges against BitMEX stemmed from allegations that the company operated without a meaningful Anti-Money Laundering (AML) program from 2015 to 2020. Prosecutors accused the firm of disregarding BSA requirements by not implementing Know Your Customer (KYC) standards and instead requesting only email addresses from users.
BitMEX pleaded guilty to the charges in July 2024, calling them “old news” and expressing confidence that no further fines would be imposed. The exchange highlighted that its founders, Arthur Hayes and Benjamin Delo, already pleaded guilty to the violation and paid fines in 2022.
At the time, the founders admitted to “willfully failing to establish, implement and maintain an Anti-Money Laundering program” at their crypto derivatives exchange. This led to the implementation of verification systems to prevent US citizens from using BitMEX.
Both Hayes and Delo agreed to pay $10 million in criminal fines each for BitMEX’s BSA violations. Consequently, the exchange expected no further fines from the US Department of Justice (DOJ).
Following the judgment, BitMEX acknowledged the additional penalty but highlighted that the $100 million fine was much lower than the $417 million initially sought by the US Department of Justice. In a statement, the company said it was disappointed over the fine but viewed the resolution as an opportunity to move forward.
