Bitmex co-founder Arthur Hayes is just not going to jail for violating the U.S. Bank Secrecy Act. Instead, the previous crypto trade CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a superb of $10 million.
Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) introduced Friday that the founder and former CEO of cryptocurrency derivatives trade Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded responsible to violating the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to 6 months of dwelling detention and two years of probation. Hayes additionally agreed to pay a superb of $10 million {dollars} representing his pecuniary achieve from the offense.
U.S. Attorney Damian Williams defined that whereas constructing a cryptocurrency buying and selling platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”
Two different Bitmex co-founders, Benjamin Dalo and Sam Reed, additionally pleaded responsible and are scheduled to be sentenced within the close to future.
Like Hayes, the 2 different co-founders have additionally been ordered to pay $10 million every in a civil financial penalty.
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