BitMEX's Hayes Avoids Jail for Violating Bank Secrecy Act
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US District Judge John Koeltl on Friday sentenced Arthur Hayes, the Co-Founder of the BitMEX cryptocurrency exchange, to two years' probation after he admitted to violating the Bank Secrecy Act, which required trading platform to comply with anti-money laundering (AML) and know-your-customer (KYC) requirements, Bloomberg reports.

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Hayes told the judge he accepts "full responsibility," adding all his decisions will follow him for the rest of his life as he failed to make BitMEX regulatory compliant. He said:

"I know that my best years are ahead of me. I will always have to live with the consequences of these actions. I am ready to turn the page and start again."

US Court Orders BitMEX Founders to Pay $30 Million

Assistant US Attorney Samuel Raymond said earlier that the absence of severe punishment would "send a message to him that the cost of doing business is merely a fine, and he could continue to violate the law for huge amounts and pay any fine." Prosecutors had asked the judge to send Hayes to prison for over a year. Prior to the judgment, Hayes agreed to forfeit $10 million.

As iHodl reported, Arthur Hayes had pleaded guilty to violating US law in February this year. His business partner had also pleaded guilty and paid s $10 million fine.

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