Arthur Hayes (Bitmex founder) will not be sent to prison because he violated the U.S. Bank Secrecy Law. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.
Bitmex’s Arthur Hayes Sentenced
U.S. Department of Justice announced that Bitmex’s founder and former CEO was sentenced to prison for violating Bank Secrecy (BSA) on Friday. Hayes admitted to the Bank Secrecy Act violation in February.
The DOJ says:
Hayes (36), of Miami, Florida was sentenced for six months in home detention and two year probation. Hayes was also sentenced to a $10 million dollar fine for his financial gain.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”
Benjamin Dalo, Sam Reed and Sam Reed were also Bitmex founders and pleaded guilty. They are due to be sentenced soon.
Hayes and the other co-founders were also ordered to each pay $10,000,000 in civil monetary penalties.
What do you think about Arthur Hayes’ sentence? Please comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.