Bank

Cryptocurrency

United

World

April

Cryptocurrency derivatives exchange <a href="https://www.bitmex.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">BitMEX</a> has downplayed its violation of the Bank Secrecy Act (BSA) in the United States, calling it “old news” from 2020.
The company plans to request an expedited sentencing hearing, indicating that no additional charges will be pursued.
On July 10, US Attorney Damian Williams announced that BitMEX had admitted to offering crypto trading services without a proper Anti-Money Laundering (AML) program.
BitMEX responded by pointing out that its founders, Arthur Hayes and Benjamin Delo, had already pleaded guilty to the violation and paid fines in 2022.
At the time, Hayes and Delo admitted to “willfully failing to establish, implement and maintain an Anti-Money Laundering program” at their exchange.
This resulted in BitMEX implementing verification systems to prevent US citizens from using the platform.
Both founders agreed to pay $10 million in criminal fines each for the BSA violations.
Consequently, the exchange does not anticipate any further fines from the US Department of Justice (DOJ).
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BitMEX stated, “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.”
BitMEX also mentioned 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.
Delo was sentenced to 30 months probation for the BSA violation on June 16, while Hayes received two years probation and six months of home detention on May 21.
Prosecutors had argued that Delo should serve a prison sentence similar to Hayes.
Hayes voluntarily surrendered to US authorities in Hawaii six months after federal prosecutors first levied charges on April 7.
His lawyers stated, “Mr. Hayes voluntarily appeared in court and looks forward to fighting these unwarranted charges.”
In the US, pleading guilty to supporting money laundering is a punishable offense, often carrying a maximum penalty of five years in prison.
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BitMEX Downplays 2020 BSA Violation as Founders Settle Charges and Avoid Further Penalties

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