US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform – Regulation Bitcoin News

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.The Commodity Futures Trading Commission announced Thursday that the U.S.

Noting that the three Bitmex co-founders are Arthur Hayes, Benjamin Delo, and Samuel Reed, the CFTC clarified: The orders require each to pay a $10 million civil monetary penalty, and also enjoin Hayes, Delo, and Reed from further violations of the Commodity Exchange Act and CFTC regulations, as charged.The CFTC resolved the action against Bitmex in August 2021 that “incorporated a $100 million civil monetary penalty and injunctions against future violations of the CEA and CFTC regulations,” the derivatives watchdog detailed.

The U.S. Attorney’s Office for the Southern District of New York also “indicted Hayes, Delo, Reed, and one other individual on charges of willfully causing Bitmex to violate the Bank Secrecy Act and conspiracy to commit that same offense,” the CFTC noted, elaborating:The three are scheduled to be sentenced in the upcoming weeks, the derivatives regulator added.

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Court orders BitMEX co-founders pay a total of $30 million in CFTC civil caseThe Commodity Futures Trading Commission (CFTC) has slapped the founders of crypto exchange BitMEX with a $30 million civil monetary penalty.
Source: TheBlock__ - 🏆 464. / 53 Read more »

US Court Orders BitMEX Founders to Pay $30M for Illegal TradingUPDATE: A Federal judge ordered three co-founders of BitMex to each pay a $10 million penalty in connection with CFTC accusations that they illegally conducted business with U.S. customers. jesseahamilton reports jesseahamilton What a joke, make hundreds of millions not to mention yeah you know and then say $10 million thank you ..Who says crime didn't pay.. LMFAO that's like $10 fine to a norm jesseahamilton That mother f’er needs to pay me back the money they scammed off of me when their site went down in the middle of trading and they liquidated my account on two different occasions! Went over to Bybit and never had another problem like that. jesseahamilton 30 M and that guy as cz_binance made 100 Bilions 😂
Source: CoinDesk - 🏆 291. / 63 Read more »