DodoFinance Breaking News Made For You!
All three founders of BitMEX have been fined by a US judge for serious violations of the rules and the Commodity Exchange Act. It relates to a $ 30 million fine that ends partly on former CEO Arthur Hayes’ plate.
$ 10 million each
Arthur Hayes, Benjamin Delo and Samuel Reid have been ordered to pay a $ 10 million fine each as a result of their legal battle. Includes violations of the Freight Exchange Act that took place between November 2014 and October 2020.
The lawsuit was filed in October 2020 by the Commodity Futures Trading Commission (CFTC), a major financial institution in the United States. In the end, the judge ruled that BitMEX was illegally accepting funds from US customers to fill orders and funds.
Illegal cases include trade or relocation, while the site is not approved by the CFTC. In addition, it served as a futures trading platform that did not have the required registration for BitMEX.
In addition, the Customer Information Plan is not adequate and the Know Your Customer (KYC) procedures are not sufficient to meet the requirements of anti-fraud regulations in the United States. Some hard blows to the founders of BitMEX.
Not the last legal battle
This is not the only legal battle being waged by the founders of BitMEX. Earlier in February, Hayes and Delo pleaded guilty to violating the Banking Secrets Act in the United States. Hayes and Delo noted that they had deliberately chosen not to implement the anti-money laundering program on stage.
Bloomberg Wrote At the time, Hayes’ mother had a fascinating article about worrying about her son’s future. He asked the federal jury for a clever sentence and prosecutors demanded that Hayes be placed under house arrest.
From a legal standpoint, these were difficult times for Hayes and his friends, although the former sometimes did not care much about it. On his Blog Above all, he goes happily about the financial system and its expectations for the future.
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