Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

Bitmex co-founder Arthur Hayes will not be going to jail for violating the U.S. Bank Secrecy Act. Instead, the previous crypto alternate CEO has been sentenced to “six months of dwelling detention and two years of probation.” Hayes has agreed to pay a advantageous of $10 million.

Bitmex’s Arthur Hayes Sentenced

The U.S. Department of Justice (DOJ) introduced Friday that the founder and former CEO of cryptocurrency derivatives alternate Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.

The DOJ states:

Hayes, 36, of Miami, Florida, was sentenced to 6 months of dwelling detention and two years of probation. Hayes additionally agreed to pay a advantageous of $10 million {dollars} representing his pecuniary acquire from the offense.

U.S. Attorney Damian Williams defined that whereas constructing a cryptocurrency buying and selling platform “that profited him thousands and thousands of {dollars},” Hayes “willfully defied U.S. legislation that requires companies to do their half to assist in stopping crime and corruption.”

Williams added: “He deliberately did not implement and preserve even fundamental anti-money laundering insurance policies, which allowed Bitmex to function as a platform within the shadows of the monetary markets.”

Two different Bitmex co-founders, Benjamin Dalo and Sam Reed, additionally pleaded responsible and are scheduled to be sentenced within the close to future.

Like Hayes, the 2 different co-founders have additionally been ordered to pay $10 million every in a civil financial penalty.

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