Third Founder For BitMEX pleads guilty: Agrees to pay $10M
BitMEX, one of the most controversial crypto exchanges, was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. It is to be noted that as per an official statement from the US Attorney’s Office on Thursday, the third co-founder of BitMEX, Reed, has pled guilty to purposely violating the Bank Secrecy Act.
Reeds to pay $10 million criminal fine
Samuel Reed has agreed to pay around $10 million fine to the authorities for violating the Bank Secrecy Act. He agreed that he willfully failed “to establish, implement, and maintain an anti-money laundering (“AML”) program at BitMEX” which might have caused a surge in illicit activities under the exchange.As per the official statement, Chief U.S. District Judge Laura T. Swain witnessed Reed’s guilty plea, and U.S. District Judge John G. Koeltl will be sentencing the co-founder. The maximum tenure in such cases is 5 years but it will be up to Judge Koeltl to decide the actual sentence for the BitMEX co-founder.
“In about May 2018, REED was notified of allegations that BitMEX was being used to launder the proceeds of a cryptocurrency hack. Neither REED nor the company filed a suspicious activity report thereafter,” the statement stated as an example of the ongoing illicit activities in the firm.
Other BitMEX founders also pled guilty
Cryptonary covered in a recent report that the other two co-founders of BitMEX, Arthur Hayes and Benjamin Delo, have also pleaded guilty to violating the Bank of Secrecy Act. The official statement pointed out that the co-founders wilfully failed to establish an AML program in the exchange that was being used as a money-laundering platform.Furthermore, these two co-founders also paid $10 million as a criminal fine. The co-founders are also charged with the fact that despite the warnings from authorities to take their business away from the U.S. customers, “the U.S. customers continued to trade on BitMEX, but derived substantial profits from BitMEX as a result of U.S.-based trading.”
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