Bitmex co-founder Arthur Hayes is not going to jail for breaking the U.S. Bank Secrecy Act. Rather, the previous crypto exchange CEO has been sentenced to “6 months of house detention and 2 years of probation.” Hayes has consented to pay a fine of $10 million.
Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) revealed Friday that the creator and previous CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for breaching the Bank Secrecy Act (BSA). Hayes pleaded guilty to breaching the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to 6 months of house detention and 2 years of probation. Hayes likewise consented to pay a fine of 10 million dollars representing his budgeting gain from the offense.
U.S. Attorney Damian Williams discussed that while constructing a cryptocurrency trading platform “that benefited him countless dollars,” Hayes “willfully defied U.S. law that needs services to do their part to assist in avoiding criminal offense and corruption.”
Williams included: “He deliberately stopped working to execute and preserve even fundamental anti-money laundering policies, which permitted Bitmex to run as a platform in the shadows of the monetary markets.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, likewise pleaded guilty and are set up to be sentenced in the future.
Like Hayes, the 2 other co-founders have likewise been bought to pay $10 million each in a civil financial charge.
A trainee of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist since. His interests depend on Bitcoin security, open-source systems, network results, and the crossway between economics and cryptography.
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