Arthur Hayes has been sentenced to 2 years of probation plus six months of home confinement for violating the U.S. Bank Secrecy Act.
Key Takeaways
- BitMEX co-founder Arthur Hayes has been sentenced to 2 years’ probation and 6 months of home detention by a federal courtroom in Original York.
- Hayes pled guilty in February to violating the U.S. Bank Secrecy Act.
- In step with Hayes’ plea deal the sentence might per chance well possess carried up to 12 months in reformatory, with prosecutors searching for time beyond regulation final week.
Hayes had pleaded guilty earlier this year.
Hayes Sentenced
A U.S. courtroom in Original York has sentenced BitMEX co-founder Arthur Hayes for violating the U.S. Bank Secrecy Act by failing to conform with anti-money laundering protocols.
Hayes, who pleaded guilty in February, will serve two years of probation and 6 months of home detention. Hayes’ co-founders, Benjamin Delo and Samuel Reed, who pled guilty alongside Hayes in February, are disclose to be sentenced in June.
The BitMEX executives had been accused of offering trading companies and products to U.S. and world possibilities without watching required anti-money laundering and Know-Your-Buyer procedures. As such, they stood accused of facilitating money laundering.
The deem within the case, Utilize John Koeltl, said one day of Hayes’ sentencing that his actions had been no longer a matter of mere oversight, nonetheless rather that Hayes understood the implications of failing to conform with anti-money laundering procedures:
“He knew these procedures had been required to retain a ways flung from having his firm worn for money laundering and other unlawful capabilities… the crime used to be extra than a straightforward regulatory oversight.”
Hayes’ attorneys asked for no jail time, while prosecutors within the case sought extra than a year. Prosecutors within the case said that complete compliance contained within the crypto might per chance well be unsuccessful if founders and executives “take into consideration there don’t appear to be any meaningful repercussions for failing to conform with the law.”
BitMEX used to be on the origin accused of failing to put in force anti-money-laundering (AML) applications final year. In August, its guardian firm used to be fined $100 million in penalties as allotment of a settlement with the CFTC and FinCEN. Hayes, Delo, and Reed possess each in my understanding been fined $10 million.
BitMEX continues to feature.
Disclosure: On the time of writing, the author of this fragment owned BTC, ETH, and several other cryptocurrencies.
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