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Arthur Hayes of Bitmex was sentenced.
The creator and former CEO of bitcoin derivatives exchange Bitmex has been jailed for breaching the Bank Secrecy Act, according to the US Department of Justice (BSA). In February, Hayes admitted to breaking the Bank Secrecy Act.
According to the DOJ:
"Hayes, 36, was sentenced to six months of home confinement and two years of probation in Miami, Florida. Hayes also agreed to pay a $10 million punishment to cover his financial benefit from the offense."
Hayes "willfully disobeyed US law that compels businesses to do their share to assist prevent crime and corruption" while establishing a cryptocurrency trading platform "that profited him millions of dollars," according to US Attorney Damian Williams.
"He purposefully failed to implement and maintain even basic anti-money laundering rules, allowing Bitmex to operate as a platform in the shadows of the financial markets," Williams continued.
Benjamin Dalo and Sam Reed, two other Bitmex co-founders, also pled guilty and are expected to be sentenced soon.
The two other co-founders, like Hayes, have been sentenced to pay a civil monetary penalty of $10 million apiece.
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