In preparation for his sentencing, later this month, previous BitMEX co-founder and CEO Arthur Hayes is asking for no prison time and approval to live abroad.
After striking a plea arrangement that would lead to prison regard of 6 to twelve months under federal standards, attorneys for the 37- year-old American business owner sent a movement for probation without any house detention or neighborhood confinement, according to Bloomberg
The authorities argued that their failure to execute the know-your-customer (KYC) and AML services had an impact and rendered BitMEX “a money-laundering platform.”
Following the lawsuits, the co-founders resigned from their positions in the company, and BitMEX accepted to pay the United States Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network $100 million in settlement (FinCEN).
Arthur Hayes was fined $10 million, in addition to previous CTO Samuel Reed and BitMEX co-founder Benjamin Delo, for stopping working to carry out an anti-money laundering policy at the exchange.
Arthur Hayes’s mom showers support
Arthur Hayes got assistance from his mom and fans in the type of a 65- page proposition with “photos and letters,” which his lawyers handed to the judge.
” This historical case has currently had an unbelievable and well-publicized effect on Mr. Hayes’s individual life and the BitMEX service that he co-founded,” mentioned the movement.
” The opportunities and benefits of running in the United States are many, however, they bring with them the requirement for those companies to do their part to assist eliminate criminal offense and corruption.”
Prosecutor Damian Williams stated after the co-founders’ guilty plea in February
” Arthur Hayes and Benjamin Delo constructed a business with the express function of averting those responsibilities; they willfully stopped working to execute and preserve even standard anti-money laundering policies.” They made it possible for BitMEX to run as a platform beyond the monetary markets.”
” The guilty pleas revealed today show the Office’s continuous dedication to examining and prosecuting cash laundering in the cryptocurrency sector.”
Hayes made some wild projections in March concerning gold and bitcoin (BTC). He spoke about the future of banking in a post entitled “Energy Cancelled,” forecasting that gold will strike $10,000 and bitcoin will reach $1 million.