BitMEX Arthur Hayes, Benjamin Delo Plead Guilty to Bank Secrecy Act Violations

The United States Department of Justice (DOJ), has announced that BitMEX founders, Arthur Hayes (Seychelles) and Benjamin Delo (Benjamin Delo) pled guilty to violating the Bank Secrecy Law (the BSA). Due to its failure to implement AML/KYC programs, the authorities claimed that the derivatives trading platform was “in essence a money-laundering portal”.

According to the plea agreement, Hayes & Delo agreed to each pay $10 million in criminal fines. The United States Attorney for Southern District of New York stated that they could spend up to five years in prison.

Benjamin Delo and Arthur Hayes created a company that was designed to ignore these obligations. They willfully failed to implement basic anti-money laundering policies and willfully ignored them. They let BitMEX operate in the shadows and financial markets. This Office is committed to continuing its investigation into and prosecution of money laundering in cryptocurrency. Today’s guilty pleas are a reflection of that commitment.

According to the DOJ, Hayes and Delo also communicated with Iranian users and permitted them to use the platform. BitMEX settled after a lengthy legal battle that lasted 10 months. The CFTC will pay a $100 million fine to BitMEX.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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