Bitmex’s Arthur Hayes Requests Leniency, No Jail Time for Violating the US Bank Secrecy Act

    Quick take:

    • Bitmex’s founder and former CEO, Arthur Hayes, has requested leniency from the choose dealing with his court docket case
    • Mr. Hayes is requesting no jail time and permission to stay overseas and journey freely
    • His attorneys have additionally requested for probation with no house detention or group confinement
    • Arthur Hayes had struck a plea deal that may lead to a jail sentence of 6 to 12 months

    The founding father of Bitmex and former CEO, Arthur Hayes, is requesting leniency from the Manhattan Federal Judge dealing with his court docket case.

    According to Bloomberg, Mr. Hayes, who pleaded responsible to violating the Bank Secrecy Act in February of this yr, is asking for no jail time and permission to stay overseas and journey freely. His attorneys additionally requested probation in choice over home arrest or group confinement. Mr. Hayes’ request to the Federal Judge additionally included a letter from his mom alongside images and letters from his supporters.

    The letter to the Federal Judge went on to state:

    This is a landmark case that has already had a rare and well-publicized affect on Mr. Hayes’s private life and on the BitMEX enterprise that he co-founded.

    Arthur Hayes Was Charged Alongside Other Bitmex Execs.

    Hayes’ request for leniency comes after he struck a plea cope with the prosecution, which might lead to a six to a twelve-month jail sentence.

    His authorized troubles originated in October 2020 when the Commodity Futures and Trading Commission (CFTC) charged him – alongside two different owners of Bitmex, Ben Delo and Samuel Reed – for working an unregistered buying and selling platform, violating a number of CFTC rules and the Bank Secrecy Act, and conspiring to violate the Bank Secrecy Act.

    Regarding the latter two fees, all three had been indicted by the US Department of Justice underneath the US Attorney’s workplace of the Southern District of New York alongside a fourth defendant, Gregory Dwyer.

    At the time of the preliminary fees, FBI Assistant Director William F. Sweeney Jr defined that the 4 defendants violated the Bank Secrecy Act by failing to implement US anti-money laundering necessities. He said:

    …the 4 defendants, via their firm’s BitMEX crypto-currency buying and selling platform, willfully violated the Bank Secrecy Act by evading U.S. anti-money laundering necessities.

    One defendant went so far as to brag the firm integrated in a jurisdiction exterior the U.S. as a result of bribing regulators in that jurisdiction value simply ‘a coconut.’

    Thanks to the diligent work of our brokers, analysts, and companions with the CFTC, they’ll quickly study the worth of their alleged crimes won’t be paid with tropical fruit, however fairly might lead to fines, restitution, and federal jail time.

    [Feature image courtesy of]

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