Arthur Hayes confessed to breaking the law

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Arthur Hayes and Ben Delo, founders of the BitMEX cryptocurrency exchange, pleaded guilty to deliberately evading the organization of anti-money laundering measures on the trading platform. This is stated in the message of the US Department of Justice.

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“Under the terms of the plea agreements, Hayes and Delo agreed to separately pay a $10 million criminal fine, representing a pecuniary benefit derived from the crime. Hayes and Delo pleaded guilty today to U.S. District Judge John G. Koeltle,” the post reads.

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The Ministry of Justice and the Commodity Futures Trading Commission (CFTC) filed charges against the founders of BitMEX in the fall of 2020, after which Hayes stepped down as CEO of the exchange. BitMEX paid a $100 million fine last year to settle claims under new management.

Hayes and Delo pleaded guilty to violating the Bank Secrecy Act. The maximum penalty for the relevant offense is 5 years in prison. The specific measure of punishment will be appointed by the court later.

“The United States provides tremendous opportunities and advantages for doing business, but it comes with certain obligations in the field of combating crime,” said Attorney Damian Williams. – Arthur Hayes and Benjamin Delo organized a campaign aimed at avoiding these obligations. They deliberately refused to implement even minimal anti-money laundering procedures. As a result of the deliberate refusal to implement AML and KYC programs, BitMEX has essentially become a money laundering platform.”

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Source: Cryptocurrency

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