BitMEX Consent Order
BitMEX Consent Order
BitMEX Consent Order
I. INTRODUCTION
or “CFTC”) filed a Complaint against Defendants HDR Global Trading Limited (“HDR”), 100x
Holdings Limited (100x”), ABS Global Trading Limited (“ABS”), Shine Effort Inc Limited
(“Shine”), and HDR Global Services (Bermuda) Limited (“HDR Services”), all doing business
(“Hayes”), Benjamin Delo (“Delo”), and Samuel Reed (“Reed”), (collectively “Defendants”),
seeking injunctive and other equitable relief, as well as the imposition of civil penalties, for
violations of the Commodity Exchange Act (“Act”), 7 U.S.C. §§ 1–26 (2018), and the
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To effect settlement of all charges alleged in the Complaint against Defendants HDR,
100x, ABS, Shine, and HDR Services (“Settling Defendants”) without a trial on the merits or any
1. Consent to the entry of this Consent Order for Permanent Injunction, Civil
Monetary Penalty, and Other Equitable Relief Against Defendants HDR, 100x, ABS, Shine, and
2. Affirm that they have read and agreed to this Consent Order voluntarily, and that
no promise, other than as specifically contained herein, or threat, has been made by the CFTC or
any member, officer, agent, or representative thereof, or by any other person, to induce consent
4. Admit the jurisdiction of this Court over them for purposes of this settlement, and
the subject matter of this action pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1 (2018);
1
On October 1, 2020, the U.S. Attorney’s Office for the Southern District of New York indicted
Hayes, Delo, and Reed, along with Greg Dwyer, on charges of: (1) willfully causing a financial
institution to violate the Bank Secrecy Act, in violation of 31 U.S.C. §§ 5318(h)(1) and (l),
5322(a) and (c); 31 C.F.R. §§ 1026.210 and 1026.220; and 18 U.S.C. § 2; and (2) conspiracy to
commit the same offense, in violation of 18 U.S.C. § 371. United States v. Hayes et al., 20 CR
500 (JFK) (S.D.N.Y.) (“United States v. Hayes”). Hayes, Delo, and Reed pleaded not guilty to
the criminal charges; the criminal case remains pending as of the date of this Consent Order. On
February 10, 2021, the U.S. Attorney for the Southern District of New York filed a motion to
intervene in this proceeding for the purpose of seeking a stay of discovery. The Court granted
the motion to intervene on March 24, 2021, but denied the motion to stay discovery without
prejudice.
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5. Admit that venue properly lies with this Court pursuant to 7 U.S.C. § 13a-1(e);
6. Waive:
(a) Any and all claims that they may possess under the Equal Access to
Justice Act, 5 U.S.C. § 504 (2018) and 28 U.S.C. § 2412 (2018), and/or
the rules promulgated by the Commission in conformity therewith, Part
148 of the Regulations, 17 C.F.R. pt. 148 (2020), relating to, or arising
from, this action;
(b) Any and all claims that they may possess under the Small Business
Regulatory Enforcement Fairness Act of 1996, Pub. L. No. 104-121, tit. II,
§§ 201–253, 110 Stat. 847, 857–74 (codified as amended at 28 U.S.C.
§ 2412 and in scattered sections of 5 U.S.C. and 15 U.S.C.), relating to, or
arising from, this action;
(c) Any claim of Double Jeopardy based upon the institution of this action or
the entry in this action of any order imposing a civil monetary penalty or
any other relief, including this Consent Order; and
7. Consent to the continued jurisdiction of this Court over them for the purpose of
implementing and enforcing the terms and conditions of this Consent Order and for any other
purpose relevant to this action, even if Settling Defendants now or in the future reside outside
8. Agree that they will not oppose enforcement of this Consent Order on the ground,
if any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure and
9. Agree that neither they nor any of their agents or employees under their authority
or control shall take any action or make any public statement denying, directly or indirectly, any
allegation in the Complaint or the Findings of Fact or Conclusions of Law in this Consent Order,
or creating or tending to create the impression that the Complaint and/or this Consent Order is
without a factual basis; provided, however, that nothing in this provision shall affect their:
(a) testimonial obligations, or (b) right to take positions in other proceedings to which the
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Commission is not a party. Settling Defendants shall comply with this agreement, and shall
undertake all steps necessary to ensure that all of their agents and/or employees under their
10. By consenting to the entry of this Consent Order, neither admit nor deny the
allegations of the Complaint or any Findings of Fact or Conclusions of Law in this Consent
11. Consent to the use of the Findings of Fact or Conclusions of Law in this Consent
Order against the Settling Defendants and any affiliated or successor entities in this proceeding
and in any other proceeding brought by the Commission or to which the Commission is a party
or claimant, and for that limited purpose only agree that they shall be taken as true and correct
12. Do not consent, however, to the use of this Consent Order, or the Findings of Fact
or Conclusions of Law herein, as the sole basis for any other proceeding, including a proceeding
in which the registration of Settling Defendants may be affected, brought by the Commission or
13. Do not consent to the use of this Consent Order, or the Findings of Fact or
Conclusions of Law herein, by any other party in any other proceeding; and
14. Agree that no provision of this Consent Order shall in any way limit or impair the
ability of any other person or entity to seek any legal or equitable remedy, if there is a basis in
2
This provision shall not apply to any actions or public statements by Hayes, Delo, and/or Reed
with respect to charges against them in the present action, or to statements by Hayes, Delo, Reed,
and/or Greg Dwyer in United States. v. Hayes.
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law and fact to do so, against Settling Defendants in any other proceeding, provided, however,
Settling Defendants do not agree that any provision of this Consent Order inures to the benefit
of, or confers rights on, any other person or entity to seek any legal or equitable remedy against
Settling Defendants that does not otherwise exist independently of this Consent Order; or that
this Consent Order and any provision herein is admissible in any proceeding not involving the
Commission.
The Court, being fully advised in the premises, finds that there is good cause for the entry
of this Consent Order and that there is no just reason for delay. The Court therefore directs the
entry of the following Findings of Fact, Conclusions of Law, permanent injunction, and equitable
relief pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1 (2018), as set forth herein.
A. Findings of Fact
regulatory agency that is charged by Congress with administering and enforcing the Act and the
Regulations.
16. Defendant HDR Global Trading Limited was incorporated in the Seychelles in
2014 as a Seychelles International Business Company. From no later than November 2014
through at least October 1, 2020 (the “Relevant Period”), HDR has owned and operated the
BitMEX trading platform. “HDR” derives from the first letter of the last names of Hayes, Delo,
and Reed, who are the three primary ultimate owners of HDR and its various subsidiaries, each
holding approximately a one-third ownership interest in HDR. HDR has never been registered
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17. Defendant 100x Holdings Limited holds itself out as “the holding group for HDR
Global Trading Limited and its assets, including the BitMEX platform, and [BitMEX’s] team of
trading.” 100x has never been registered with the Commission in any capacity.
18. Defendant ABS Global Trading Limited is a Delaware limited liability company
incorporated in 2017 through which BitMEX has conducted certain operations in the United
States. ABS is a subsidiary of HDR. ABS has never been registered with the Commission in
any capacity.
19. Defendant Shine Effort Inc Limited is a Hong Kong limited liability company
incorporated in 2014, and a subsidiary of HDR. During the Relevant Period, Shine was the
corporate entity through which BitMEX conducted proprietary trading on its own BitMEX
platform. Shine has never been registered with the Commission in any capacity.
liability company incorporated in 2018 that employs certain personnel performing duties for
BitMEX. HDR Services has never been registered with the Commission in any capacity.
through a number of affiliated entities, including Settling Defendants HDR, ABS, Shine, and
23. During the Relevant Period, BitMEX offered leveraged trading of cryptocurrency
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in the U.S. and throughout the world through BitMEX’s website, www.bitmex.com, the BitMEX
mobile application, and by direct connection to its trading engine servers via the BitMEX
application programming interface (“API”). Customers in the U.S. placed orders to buy or sell
contracts directly through BitMEX’s user interfaces, including the website and API. During the
Relevant Period, BitMEX acted as the counterparty to certain transactions on its platform.
24. On May 13, 2016, BitMEX launched its first swap product, a “perpetual bitcoin
U.S. dollar leveraged swap product.” On its website, BitMEX has described its “Perpetual
Contract” (or “perpetual swap contract”) as “a product similar to a traditional Futures Contract in
how it trades.”
25. Throughout the Relevant Period, BitMEX conducted certain components of its
business and maintained a presence in the U.S., including maintaining an office in New York
from late 2017 until early 2019 and establishing a San Francisco office in 2017.
26. During the Relevant Period, BitMEX solicited orders from U.S.-based customers
for futures, options, and swaps through its website and on social media. The BitMEX website
27. Throughout the Relevant Period, BitMEX’s U.S. customers were able to access
the BitMEX platform from the U.S.—either via API or through the BitMEX website accessed on
customers’ own computers located in the U.S. via a virtual private network (“VPN”). BitMEX
was aware that U.S. customers used VPNs to access the BitMEX platform.
28. During the Relevant Period, BitMEX offered, entered into, confirmed the
execution of, and otherwise conducted activities relating to commodity option transactions in
interstate commerce. These transactions were not executed on any registered board of trade, nor
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29. During the Relevant Period, BitMEX solicited or accepted orders for the purchase
or sale of commodities for future delivery; engaged in soliciting or accepting orders for swaps;
engaged in soliciting or accepting orders for retail commodity transactions, and/or acted as a
counterparty to those transactions; and, in connection with these activities, accepted money,
securities, or property, including bitcoin, to margin, guarantee, or secure resulting trades on the
BitMEX platform. In accordance with Section 1(a)(47)(iii) and (vi) of the Act, 7 U.S.C.
§§ 1a(47) (iii), (vi) (2018), the swaps solicited or accepted by BitMEX included “perpetual
swaps” or “perpetual contracts” on bitcoin, ether, and litecoin. During the Relevant Period,
BitMEX operated a facility for the trading of swaps—that is, a trading system or platform in
which more than one market participant has the ability to execute or trade swaps with more than
one other market participant on the system or platform—on digital assets including bitcoin,
ether, and litecoin without registering with the CFTC as a designated contract market or a swap
execution facility.
30. During the Relevant Period, BitMEX employed an inadequate supervisory system
and failed to perform its supervisory duties diligently. Among other things, BitMEX failed to
procedures, that would enable it to identify U.S. persons using the BitMEX platform—or
determine the true identity of the vast majority of its customers, whether from the U.S. or
program, which is required to prevent or detect, among other things, terrorist financing or other
criminal activity, and failed to implement procedures to determine whether a customer appears
on lists of known or suspected terrorists or terrorist organizations such as those issued by the
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development of an AML program and user verification program. BitMEX has accelerated the
implementation of its enhanced internal controls designed to detect and prevent suspicious
transactions, such as the controls embedded in its user verification program; verified the
identities of all active users of its platform as of December 2020; appointed a Chief Compliance
Officer and hired new AML-dedicated compliance staff; and engaged an outside consultant to
conduct reviews and independent testing of BitMEX’s AML program, CIP, and KYC policies
and procedures.
B. Conclusions of Law
32. This Court possesses jurisdiction over this action pursuant to 28 U.S.C. § 1331
(2018) (codifying federal question jurisdiction) and 28 U.S.C. § 1345 (2018) (providing that U.S.
district courts have original jurisdiction over civil actions commenced by the United States or by
any agency expressly authorized to sue by Act of Congress). Section 6c(a) of the Act, 7 U.S.C.
§ 13a-1(a) (2018), provides that the Commission may bring actions for injunctive relief or to
enforce compliance with the Act or any rule, regulation, or order thereunder in the proper district
court of the United States whenever it shall appear to the Commission that any person has
engaged, is engaging, or is about to engage in any act or practice constituting a violation of any
33. Venue properly lies with this Court pursuant to 7 U.S.C. § 13a-1(e), because
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34. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, offered to
enter into, entered into, executed or confirmed the execution of transactions involving
commodities for future delivery on its platform that was not designated as a contract market and
35. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, offered to
enter into, entered into, confirmed the execution of, maintained a position in, or otherwise
conducted activity related to any transaction in interstate commerce that is a commodity option
transaction not in compliance with and subject to the provisions of this Act, including any
Commission rule, regulation, or order thereunder and thus violated Section 4c(b) of the Act,
36. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, acted as an
FCM without being registered with the Commission as required under the Act and thus violated
37. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, operated a
facility for the trading or processing of swaps without being registered as a swap execution
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facility or as a designated contract market and thus violated Section 5h(a)(1) of the Act, 7 U.S.C.
38. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, failed to
diligently supervise the handling by its officers, employees and agents of all commodity interest
accounts carried by BitMEX and all other activities relating to its business as a registrant and
39. By the conduct described above, Settling Defendants HDR, 100x, ABS, Shine,
and HDR Services, all acting as a common enterprise and doing business as BitMEX, failed to
comply with the Bank Secrecy Act and certain related regulations which require that a customer
identification program be adopted as part of a firm’s Bank Secrecy Act compliance program and
40. Based upon and in connection with the foregoing conduct, pursuant to Section 6c
of the Act, 7 U.S.C. § 13a-1 (2018), Settling Defendants HDR, 100x, ABS, Shine, and HDR
Services are permanently restrained, enjoined, and prohibited from directly or indirectly:
a. offering to enter into retail commodity transactions, or contracts for the purchase
or sale of bitcoin, litecoin, and ether for future delivery; entering into retail
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and ether for future delivery; confirming the execution of retail commodity
transactions, or contracts for the purchase or sale of bitcoin, litecoin, and ether for
future delivery; and conducting an office or business in the U.S. for the purpose of
soliciting, or accepting any order for, or otherwise dealing in, any transaction in,
or sale of bitcoin, litecoin, and ether for future delivery without conducting their
b. offering to enter into, entering into, confirming the execution of, maintaining
transactions in interstate commerce which do not comply with the Act or any
Regulations, in violation of Section 4c(b) of the Act, 7 U.S.C. § 6c(b) (2018), and
for future delivery, engaging in soliciting or accepting orders for swaps, engaging
with these activities, accepting money, securities, or property (or extended credit
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d. operating a facility for the trading of swaps—that is, a trading system or platform
in which more than one market participant has the ability to execute or trade
swaps with more than one other market participant on the system or platform—on
digital assets including bitcoin, ether, and litecoin without registering with the
Section 5h(a)(1) of the Act, 7 U.S.C. § 7b-3(1) (2018), and Regulation 37.3(a)(1),
procedures, and by failing to ensure that their partners, officers, employees, and
42. Settling Defendants, jointly and severally, shall pay a civil monetary penalty in
the amount of One Hundred Million Dollars ($100,000,000) (“CMP Obligation”). Settling
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Defendants shall pay Fifty Million Dollars ($50,000,000) of the CMP Obligation to the
Commission within ten business days of the date of the entry of this Consent Order in the
manner described below in paragraph 45. The remaining Fifty Million Dollars ($50,000,000) of
the CMP Obligation shall be offset by payments made by, or amounts credited to, Defendants
HDR, 100x, ABS, Shine, and HDR Services pursuant to the Consent to the Assessment of Civil
Monetary Penalty entered by the Financial Crimes Enforcement Network in the matter of In re:
HDR Global Trading Limited, 100x Holdings Limited, ABS Global Trading Limited, Shine Effort
Inc Limited, HDR Global Services (Bermuda) Limited d/b/a BITMEX, Number 2021-XXX,
(“FinCEN Consent”). If not offset by payments or credits as provided here, or being collected by
FinCEN in full, any outstanding portions of the CMP Obligation shall be paid to the Commission
within ten days from the date required for payment of that portion of the CMP Obligation as set
forth in the FinCEN Consent or any notices provided for thereunder, including any Notices of
43. Settling Defendants HDR, 100x, ABS, Shine, and HDR Services shall provide to
the Commission information sufficient to determine the amounts that have been paid to or
credited by FinCEN pursuant to the FinCEN Consent within ten days of any such payment or
credit.
44. If the first Fifty Million dollars ($50,000,000) of the CMP Obligation is not paid
in full within ten business days of the date of entry of this Consent Order, then post-judgment
interest shall accrue on the unpaid portion of the first $50,000,000 of the CMP Obligation
beginning on the date of entry of this Consent Order and shall be determined by using the
Treasury Bill rate prevailing on the date of entry of this Consent Order pursuant to 28 U.S.C.
§ 1961 (2018). If the remaining Fifty Million dollars ($50,000,000) of the CMP Obligation is
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not paid to, credited by, or being collected by FinCEN in full by the dates set forth in the
FinCEN Consent or any notices provided for thereunder, including any Notices of Negative
Findings, then post-judgment interest shall accrue on the unoffset, uncredited, or unpaid portion
of the CMP Obligation beginning from the date of the entry of the Consent Order and shall be
determined by using the Treasury Bill rate prevailing on the date of entry of this Consent Order
45. Settling Defendants shall pay the CMP Obligation, as well as any post-judgment
interest, by electronic funds transfer, U.S. postal money order, certified check, bank cashier’s
check, or bank money order. If payment is to be made other than by electronic funds transfer,
then the payment shall be made payable to the Commodity Futures Trading Commission and
CFTC
C/O ESC/AMK-326; RM 265
6500 S. MacArthur Blvd.
Oklahoma City, OK 73169
(405) 954-6569 office
(405) 954-1620 fax
[email protected]
If payment by electronic funds transfer is chosen, Settling Defendants shall contact Marie Thorne
or her successor at the address above to receive payment instructions and shall fully comply with
those instructions. Settling Defendants shall accompany payment of the CMP Obligation with a
cover letter that identifies Settling Defendants and the name and docket number of this
proceeding. Settling Defendants shall simultaneously transmit copies of the cover letter and the
form of payment to the Chief Financial Officer, Commodity Futures Trading Commission, Three
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Settling Defendants’ CMP Obligation shall not be deemed a waiver of their obligation to make
further payments pursuant to this Consent Order, or a waiver of the Commission’s right to seek
C. Cooperation
47. Settling Defendants shall cooperate with the Commission, including the
Commission’s Division of Enforcement, in this action and in any current or future Commission
civil litigation or administrative matter related to, or arising from, this action.
48. Settling Defendants have certified to the Commission that: (i) anyone located,
incorporated or otherwise established in, or a resident of, the U.S. is prohibited from accessing
Settling Defendants’ services, including the BitMEX trading platform; (ii) all active users of the
BitMEX’s “US Persons” policy and generally prohibits any user identified as a US Person from
accessing the BitMEX platform on a going-forward basis; and (iii) all users identified as US
Persons by BitMEX’s user-verification procedures, or unverified users, have in fact been blocked
49. Settling Defendants have also certified to the Commission that as of June 30,
2021, BitMEX will no longer maintain any operations or business functions in the United States
administrative and compliance services; and board member participation. Settling Defendants
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further certify that the personnel described in this paragraph 49 are not directly or indirectly
50. No later than ninety days after the entry of this Consent Order, BitMEX’s Chief
Compliance Officer, Malcolm Wright or his successor, shall certify in writing to the Commission
that BitMEX has: (i) removed all business operations and personnel from the United States, with
the limited exception of certain employees responsible only for information technology, systems
described above in paragraph 49; and (ii) blocked and will continue to block all US Persons, as
defined in BitMEX’s KYC policies and procedures, from its platform, unless and until BitMEX
51. Until such time as Settling Defendants satisfy in full their CMP Obligation, this
Consent Order, upon the commencement by or against any Settling Defendant of insolvency,
receivership or bankruptcy proceedings or any other proceedings for the settlement of any
Settling Defendant’s debts, all notices to creditors required to be furnished to the Commission
under Title 11 of the United States Code or other applicable law with respect to such insolvency,
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52. Notice: All notices and certifications required to be given by any provision in this
Consent Order, except as set forth in paragraph 51, above, shall be sent by email and by certified
mail as follows:
Notice to Commission:
All such notices to the Commission shall reference the name and docket number of this action.
53. Change of Address/Phone: Until such time as Settling Defendants satisfy in full
their CMP Obligation as set forth in this Consent Order, Settling Defendants shall provide
written notice to the Commission by certified mail of any change to their telephone number and
54. Entire Agreement and Amendments: This Consent Order incorporates all of the
terms and conditions of the settlement among the parties hereto to date. Nothing shall serve to
amend or modify this Consent Order in any respect whatsoever, unless: (a) reduced to writing;
(b) signed by all parties hereto; and (c) approved by order of this Court.
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55. Invalidation: If any provision of this Consent Order or if the application of any
provision or circumstance is held invalid, then the remainder of this Consent Order and the
application of the provision to any other person or circumstance shall not be affected by the
holding.
56. Waiver: The failure of any party to this Consent Order at any time to require
performance of any provision of this Consent Order shall in no manner affect the right of the
party at a later time to enforce the same or any other provision of this Consent Order. No waiver
in one or more instances of the breach of any provision contained in this Consent Order shall be
57. Continuing Jurisdiction of this Court: This Court shall retain jurisdiction of this
action to ensure compliance with this Consent Order and for all other purposes related to this
action, including any motion by Defendants to modify or for relief from the terms of this
Consent Order.
58. Injunctive and Equitable Relief Provisions: The injunctive and equitable relief
provisions of this Consent Order shall be binding upon Settling Defendants, upon any person
under their authority or control, and upon any person who receives actual notice of this Consent
Order, by personal service, e-mail, facsimile, or otherwise insofar as he or she is acting in active
59. Authority: Alexander Hoeptner hereby warrants that this Consent Order has been
duly authorized by Settling Defendants HDR, 100x, ABS, Shine, and HDR Services and he has
been duly empowered to sign and submit this Consent Order on behalf of Settling Defendants
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60. Counterparts and Facsimile Execution: This Consent Order may be executed in
two or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties hereto
and delivered (by facsimile, e-mail, or otherwise) to the other party, it being understood that all
parties need not sign the same counterpart. Any counterpart or other signature to this Consent
Order that is delivered by any means shall be deemed for all purposes as constituting good and
61. Contempt: Settling Defendants understand that the terms of the Consent Order
are enforceable through contempt proceedings, and that, in any such proceedings they may not
62. Agreements and Undertakings: Settling Defendants shall comply with all of the
There being no just reason for delay, the Clerk of the Court is hereby ordered to enter this
Consent Order for Injunctive Relief, Civil Monetary Penalty, and Other Equitable Relief Against
Defendants HDR Global Trading Limited, 100x Holdings Limited, ABS Global Trading Limited,
Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited forthwith and without
further notice.
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MARY Y KAY
KAY VYSKOCIL
VYS
YSKOCI CIIL
C
UNITE ED STAT TES
E DISTRICT JUD JUDGE
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