This week in the crypto world, we saw Bitmex plead guilty to avoiding its legal obligations, a German town selling $2.8 billion worth of BTC on open exchanges, and a Texan town complain about a Bitcoin mine but refuse help.
No, really.
Bitmex Pleads Guilty
The crypto exchange of yesteryear, Bitmex, this week admitted to violating the Bank Secrecy Act between 2015 and 2020, matching the outcome of its three senior executives. US Attorney Damian Williams stated that Bitmex, once one of the leading cryptocurrency derivatives platforms, operated in the United States without a substantial anti-money laundering (AML) program (to put it mildly). This, he said, made Bitmex vulnerable to large-scale money laundering and sanctions evasion schemes.
The exchange, which suffered massively when authorities clamped down on it four years ago, has since revamped its operations to meet regulatory requirements, leading it to lose almost its entire customer base overnight.
Texans Complain About Bitcoin Mine
A Texas town located near a Bitcoin mining plant has complained of apparent health issues connected to the operation, but won’t let its local government help due to its citizens’ belief in non-interference from authorities.
Marathon Digital operates a Bitcoin mine near Granbury, south west of Fort Worth, and residents have been reporting a myriad of health issues since the plant became operational, including migraines, heart trouble and breathing difficulties. However, attempts by local politicians to address the issue have been met with frustration as residents oppose government intervention.
Brilliant.
German Town Sheds 50,000 BTC
The German town of Saxony has been in the headlines this week due to its forced sale of 50,000 bitcoins, which has caused the price to drop. The town’s authorities are the lucky holders of the haul following a legal case in 2020, with a legal requirement to sell leading to $2.8 billion worth being rapidly sold through public exchanges.
After a hectic week of selling the town has around 15,000 left at the time of going to press, meaning it will hopefully be finished at the start of next week, and the Bitcoin price can do its best underwater beachball impression.
