District Attorneys Seek Additional Jail Time for BitMEX Co-Founder Arthur Hayes

Arthur Hayes faces up to five years in his Friday sentencing, but jail time  is unlikely

Prosecutors have recommended that the BitMEX creator should have more than one year in jail.

Key Takeaways

  • Prosecutors in the U.S. have recommended that BitMEX co-founder Arthur Hayes ought to deal with more than one year of prison time.
  • Hayes’ actions were formerly stated to bring 6 to 12 months in jail following his guilty plea in February.
  • Prosecutors stated that compliance in the crypto market can not be attained without “significant consequences.”

U.S. district attorneys have recommended that BitMEX co-founder Arthur Hayes ought invest more than a year in prison, according to reports

Hayes Could Receive Longer Sentence

Prosecutors are looking for extra prison time for BitMEX co-founder Arthur Hayes.

Hayes, together with 2 other co-founders, pleaded guilty to breaching the U.S. Bank Secrecy Act (BSA) in February. Today,  Bloomberg reported that federal district attorneys have sent their sentencing suggestions to the judge in the event.

In Hayes’ plea offer, district attorneys at first concurred that his actions warranted 6 to 12 months in jail together with a $10 million fine. Those district attorneys are now arguing for a lengthier sentence, a choice they state is validated by the requirement to set a harder example for the rest of the cryptocurrency market.

Prosecutors stated that more detailed compliance in the crypto market will stop working if exchange operators “think there are no significant effects for stopping working to abide by the law.”

In an ask for probation recently, Hayes and his legal representatives requested for Hayes to get no prison time and the capability to take a trip easily on the premises that he was not likely to be a repeat culprit.

Hayes’ co-founders, Benjamin Delo and Samuel Reed pleaded guilty together with Hayes in February. They are set to be sentenced on June 15 and July 13, respectively.

BitMEX Continues to Operate

BitMEX was at first implicated in having stopped working to carry out anti-money-laundering (AML) programs in 2015. In August, the business owning the exchange paid $100 million in charges as part of a settlement with the CFTC and FinCEN.

The exchange stays in operation. It is the 16 th biggest crypto derivatives exchange, with a 24- hour open interest of $983 million.

Founded in 2014, BitMEX is significant for being among the earliest Bitcoin derivatives exchanges, though it has considering that been exceeded in appeal by contending exchanges.

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