Bank

Cryptocurrency

United

Arthur

April

Cryptocurrency derivatives exchange BitMEX dismissed its violation of the Bank Secrecy Act (BSA) in the United States as “old news” from 2020. The company announced plans to request an expedited sentencing hearing, indicating that no additional charges would be pursued.
On July 10, US Attorney Damian Williams announced <a href="https://cointelegraph.com/news/bitmex-guilty-bank-secrecy-act-justice-dept">BitMEX’s admission to offer crypto trading services</a> without any meaningful Anti-Money Laundering (AML) program. 
In response to the BSA charge, BitMEX claimed that its founders, Arthur Hayes and Benjamin Delo, had already <a href="https://cointelegraph.com/news/bitmex-founders-plead-guilty-to-bank-secrecy-act-violations">pleaded guilty to the violation</a> and paid off the fines in 2022.
At the time, BitMEX founders had admitted to “willfully failing to establish, implement and maintain an Anti-Money Laundering program” at their crypto derivatives exchange. The litigation resulted in the implementation of verification systems to prevent US citizens from using BitMEX.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/51f4660a-a14b-4b5f-95e0-6346a5a1323b.png" alt="BitMEX expects ‘no further fines’ for ‘old’ AML violation in US" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/BitMEX/status/1811136895151382899" target="_blank" rel="noopener nofollow">BitMEX</a>
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="charges-against-bitmex">Charges against BitMEX</h2>
Both Hayes and Delo had agreed to pay $10 million in criminal fines each for BitMEX’s BSA violations. As a result, the exchange anticipates no further fines from the US Department of Justice (DOJ).
<blockquote data-ct-non-breakable="true">
 “We have accepted the BSA charge, will seek an expedited sentencing hearing, and argue that no further fine should be imposed, given the substantial amounts already paid by our founders under the BSA charges brought against them, and under our no admission/no denial settlements with the CFTC and FinCEN in 2021.”
</blockquote>
BitMEX followed up by stating that its Know Your Customer and AML programs have been independently audited. “Needless to say, this charge has no impact on our business operations,” it concluded.
Related: <a href="https://cointelegraph.com/news/bitcoin-bottom-in-headed-slow-grind-higher-bitmex-arthur-hayes">Bitcoin bottom in, now headed for a ‘slow grind higher’ — Arthur Hayes</a>
<h2 data-ct-non-breakable="true" id="paying-dues-for-aml-violation">Paying dues for AML violation</h2>
Delo was <a href="https://cointelegraph.com/news/bitmex-co-founder-benjamin-delo-avoids-jail-receives-30-months-probation">sentenced to 30 months probation</a> for the BSA violation on June 16, while <a href="https://cointelegraph.com/news/arthur-hayes-to-serve-2-year-probation-owning-up-to-bitmex-s-aml-mishap">Hayes was sentenced to two years probation</a> and six months of home detention on May 21.
However, prosecutors had argued Delo should serve a prison sentence comparable to Hayes. Hayes had voluntarily surrendered to US authorities in Hawaii six months after federal prosecutors first levied charges on April 7, to which his lawyers stated:
<blockquote data-ct-non-breakable="true">
 “Mr. Hayes voluntarily appeared in court and looks forward to fighting these unwarranted charges.”
</blockquote>
In the US, pleading guilty to supporting money laundering is a punishable offense, often carrying a maximum penalty of five years of prison time.
Magazine: <a href="https://cointelegraph.com/magazine/hackers-crypto-wallets-recover-savings/">Meet the hackers who can help get your crypto life savings back</a>

BitMEX expects ‘no further fines’ for ‘old’ AML violation in US

Inhaltsverzeichnis

Cointelegraph

Weitere Artikel, die am 11. Juli 2024 veröffentlicht wurden

Introducing JeffyBet.com: All You Need To Know About This Casino

Crypto Market Shakeup: MoonBag Crypto Moonwalks While VeChain & Hedera Stumble!

Bitcoin Traders Profit Margins Mirror 2022 Bear Market: New Research

BlockDAG’s Big Bang: July 29th CEO Reveal Set to Ignite a 40% Price Explosion! Watch Ethereum Cla...

BlockDAG’s Leadership Unveiling Poised to Spark 40% Surge Amid Filecoin’s Struggles & Dogwifhat’s...

Rollblock Set To 2x In July As Nearly All Other Ethereum Tokens Like LDO and ENA Capitulate

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!