Arthur Hayes Co-Founder of Bitmex Evades imprisonment for Violating US Bank Secrecy Act
May 23, 2022 8:11 AM
Bitmex co-founder Arthur Hayes wont be heading to prison for violating theU.S. Bank Secrecy Act. However, the ex Bitmex exchange CEO has been condemned to “six months of home detention and two times of exploration.” Hayes has consented to pay a forfeiture of $10 million.
Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) blazoned Friday that the founder and ex-CEO of cryptocurrency derivations exchange Bitmex has been doomed for violating the Bank Secrecy Act (BSA). Hayes contended shamefaced to violating the Bank Secrecy Act in February.
The DOJ states
Hayes, 36, of Miami, Florida, was doomed to six months of home detention and two times of exploration. Hayes also agreed to pay a forfeiture of $10 million dollars representing his financial gain from the offense.
Attorney Damian Williams explained that while erecting a cryptocurrency trading platform “ that served him millions of dollars,” Hayes “ consciously defied U.S. law that requires businesses to do their part to help in precluding crime and corruption.”
Williams added “ He designedly failed to apply and maintain indeed introductory anti-money laundering programs, which allowed Bitmex to operate as a platform in the murk of the fiscal requests.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also contended shamefaced and are listed to be doomed in the near future.
Like Hayes, the two other co-founders have also been ordered by the DOJ to pay $10 million each in a civil financial penalty.