SDNY District Court imposes $30M civil monetary penalty on BitMEX co-founders
The United States District Court for the Southern District of New York (SDNY) issued a Consent Order on Thursday, imposing a $10 million civil monetary penalty against each of the co-founders of BitMEX, Arthur Hayes, Benjamin Peter Delo, and Samuel Reed.
CFTC aims to promote the integrity and resilience
The Commodity Futures Trading Commission (CFTC) has directed the three co-founders to pay heavy penalties totaling $30 million for their role in "serious violations of regulations and the Commodity Exchange Act" from November 2014 to October 2020. According to the CFTC, the decision aligns with its mission to promote the U.S. derivatives markets' integrity, resilience, and vibrancy through sound regulation."The Commission said that the unlawful acts by BitMEX include:
- Operating a facility to process swaps without the approval of CFTC to operate as a Designated Contract Market or a Swap Execution Facility.
- Operating as a Futures Commission Merchant without obtaining a license from CFTC
- Failing to implement a Customer Information Program and Know-Your-Customer procedures
- Failing to implement a satisfactory Anti-Money Laundering program.
The Statements by Commissioner Johnson Regarding the Consent Order highlighted the importance of innovations in the merging digital asset markets to remain competitive in global financial markets. However, he believes that it is equally important to balance these innovations with core principles like consumer protection, transparency, and fairness.
BitMEX in serious trouble
On August 10, 2021, SDNY ordered BitMEX to pay $100 million for illegally operating a crypto trading service and violating anti-money laundering (AML) regulations.In a separate lawsuit filed by the DOJ, Hayes and Delo pleaded guilty to violating the Bank Secrecy Act. According to the plea, they admitted that they "willfully neglected to establish, implement, and maintain an Anti-Money Laundering (AML) program," according to the plea. Bloomberg reported that Hayes' mother was greatly worried about how the federal judge hearing over the DOJ's case would punish her son.
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