Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act – Regulation Bitcoin News

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 change CEO has been sentenced to “six months of residence detention and two years of probation.” Hayes has agreed to pay a fantastic 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 change Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded responsible to violating the Bank Secrecy Act in February.

The DOJ states:

Hayes, 36, of Miami, Florida, was sentenced to 6 months of residence detention and two years of probation. Hayes additionally agreed to pay a fantastic 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 hundreds of thousands of {dollars},” Hayes “willfully defied U.S. regulation that requires companies to do their half to assist in stopping crime and corruption.”

Williams added: “He deliberately didn’t implement and preserve even primary 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.

What do you concentrate on Arthur Hayes’ sentence? Let us know within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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