Bitmex co-founder Arthur Hayes is not heading to prison for violating the U.S. Bank Secrecy Act. Alternatively, the former crypto trade CEO has been sentenced to “six months of dwelling detention and two decades of probation.” Hayes has agreed to shell out a great of $10 million.
Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) announced Friday that the founder and previous CEO of cryptocurrency derivatives trade Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded responsible to violating the Financial institution Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to shell out a good of $10 million pounds representing his pecuniary obtain from the offense.
U.S. Attorney Damian Williams defined that though setting up a cryptocurrency buying and selling system “that profited him tens of millions of dollars,” Hayes “willfully defied U.S. legislation that calls for enterprises to do their part to help in avoiding crime and corruption.”
Williams extra: “He intentionally failed to put into practice and manage even simple anti-money laundering policies, which allowed Bitmex to work as a platform in the shadows of the economical marketplaces.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the close to potential.
Like Hayes, the two other co-founders have also been purchased to fork out $10 million each and every in a civil monetary penalty.
What do you feel about Arthur Hayes’ sentence? Allow us know in the opinions portion under.
Kevin Helms
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