BitMEX founders have pleaded guilty to violating the Bank Secrecy Act
The founders of BitMEX, a P2P crypto-products trading platform, Arthur Hayes and Benjamin Delo, have pleaded guilty "to violating the Bank Secrecy Act (the "BSA") by willfully failing to establish, implement, and maintain an anti-money laundering ("AML") program at BitMEX," as per the official reports.
BitMEX founders plead guilty
BitMEX founders have pled guilty for the violation of the act stated above by "willfully failing to establish, implement, and maintain an anti-money laundering ("AML") program at BitMEX." The founders have agreed to pay around $10 million in criminal fines "representing pecuniary gain derived from the offense."The founder pled guilty in the presence of U.S. District Judge John G. Koeltl. As per the DOJ's Feb. 24 announcement, the crypto exchange, BitMEX, once provided its services without any know-your-customer (KYC) or Anti-Money Laundering (AML) verification procedures. As a result, the crypto exchange became a platform for money laundering-related activities.
U.S. Attorney Damian Williams added in his statement that the two founders wilfully "allowed BitMEX to operate as a platform in the shadows of the financial markets. Today's guilty pleas reflect this Office's continued commitment to the investigation and prosecution of money laundering in the cryptocurrency sector."
Expansion
While the founders of the crypto exchange have found themselves in the middle of a huge fine, the exchange reported by January 2021 that they had verified all the users on the platform via the KYC method and noted that everyone was complying with the AML policies. Furthermore, the crypto exchange is expanding as well.In a recent report, BitMEX reported that it is all set to acquire a German Bank, Bankhaus von der Heydt, and the approval of this deal is currently pending with the German financial services regulatory authority, BaFin. It is also important to note that the crypto exchange is also rolling out its own token, BMEX.
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