Bitmex co-founder Arthur Hayes is not successful to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home restraint and two years of probation.” Hayes has agreed to pay a fine of $10 million.
Bitmex’s Arthur Hayes Sentenced
The U.S. Department of Objectiveness (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Stealth Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to six months of up on detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain ground from the offense.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully baffled U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Williams added: “He intentionally failed to instrument and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the economic markets.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the adjacent future.
Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a polite monetary penalty.
What do you think about Arthur Hayes’ sentence? Let us know in the reactions section below.
Duplicate Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct tender or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, judicial, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in appropriateness with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer