Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act.
The U.S. Department of Justice has announced that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced to six months of home detention and two years of probation for violating the Bank Secrecy Act (BSA).
Hayes pleaded guilty to violating the Bank Secrecy Act in February.
Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.
Dalo and Reed have also been ordered to pay $10 million each in a civil monetary penalty.
