Arthur Hayes, the co-founder and owner of , or BitMEX was sentenced to six months in prison(home detention) today by U.S. Attorney Damian Williams for violating the Bank Secrecy Act by failing to establish, implement, and maintain an anti-money laundering programme at BitMEX.
“By deliberately failing to comply with AML and KYC rules, BitMEX essentially served as a money laundering platform This means that the true scale of criminal activity on BitMEX may never be known because to the lack of KYC” – Court records and declarations made during the hearings
Although HAYES and his co-defendants still own the company, it settled with the Treasury Department without admitting or denying the existence of more than $200 million in suspicious transactions or the failure to file suspicious activity reports on almost 600 distinct suspicious transactions..
On top of the ten million dollar penalties, Hayes admitted that he had profited financially from his actions.
United States Attorney Damian Williams claims that Arthur Hayes “knowingly broke U.S. law that mandates businesses to aid in combating crime and corruption” when he set up his own cryptocurrency platform, which made him millions of dollars.
A year or so after the claimed withdrawal of BitMEX, HAYES realised that the “controls” BitMEX put in place to prohibit U.S. trading were a hoax and that they actually allowed users to access and trade on the BitMEX platform from the United States.
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