US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Pla...
The founders of Bitmex have been ordered to pay $30 million “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” Arthur Hayes, Benjamin Delo, and Samuel Reed must pay $10 million each. Bitmex’s Founders Fined $30 Million The Commodity Futures Trading Commission (CFTC) announced Thursday that the U.S. District Court for the Southern District of New York has ordered Bitmex’s founders to pay a total of $30 million dollars “for illegally operating a cryptocurrency derivatives trading platform....
Related News
The three co-founders have been ordered to pay hefty fines for what the CFTC calls their involvement in serious violations of regulations and the Commodity Exchange Act. The U.S. District Court for the Southern District of New York has ordered a total of $30 million civil monetary penalties from the three co-founders of BitMEX crypto derivatives exchange, including former CEO Arthur Hayes.Hayes, Benjamin Delo, and Samuel Reed were each fined $10 million in consent payments according to a statement from the Commodity Futures Trading Commission (CFTC) at the conclusion of a court battle on....
China’s Supreme Court adds fuel to the fire after the Russian military attacks on Ukraine slipped the crypto market cap to 1.5 trillion. The court declares crypto-fundraising illegal and determines jail time and fines for suspected persons. To be clear, the new bill announced on Thursday is an amendment to previous legislative documents regarding cryptocurrency […]
The brains behind BitMEX are in hot water. In conjunction with a lawsuit filed by the Commodity Futures Trading Commission in 2020, the U.S. District Court for the Southern District of New York ordered the co-founders of the cryptocurrency exchange to pay a $30 million fine. The CFTC asserted that Arthur Hayes, Samuel Reed, and […]
Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs. Big Banks’ $200 Billion in Fines Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo have collectively racked up $195 billion in fees and penalties, according to Washington-based advocacy group Better Markets. The fees and penalties from 395....
Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation. Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of the four federal district courthouses in New York reportedly sentenced two-year probation and six months of home detention to founder and ex-CEO Arthur Hayes.Arthur Hayes, along with the other BitMEX co-founders — Benjamin Delo and Samuel Reed — and the company’s first....