FORMER BitMEX CEO SENTENCED TO HOUSE ARREST FOR FAILURE TO ESTABLISH AN AML PROGRAM

On 20 May, the Wall Street Journal reported that Arthur Hayes, a co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, has been sentenced in the US to serve 6 months of house arrest for failing to establish a compliant AML program.  He was also ordered to serve 2 years’ probation and had paid a $10 million penalty in connection with a settlement with the CFTC.  The judge in the case is quoted as saying that when individuals like Hayes operate platforms without AML programs or KYC programs, they become a magnet for people to launder money.

https://www.wsj.com/articles/former-bitmex-ceo-sentenced-to-house-arrest-on-anti-money-laundering-charges-11653086530

https://finance.yahoo.com/news/bitmex-co-founder-arthur-hayes-204712965.html

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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