Prosecutors withinside the United States have issued sentencing advice withinside the case of BitMEX co-founder Arthur Hayes, who annoyed no less than 12 months in prison. On May 12, prosecutors in Manhattan supplied their sentencing advice to U.S. District Judge John Koeltl. This concept comes after Hayes pled responsible for breaking financial institution secrecy legal guidelines withinside the United States. His sentence is scheduled for later this month. Prior to this, Hayes agreed to serve six to one year in prison as a part of a plea bargain. He additionally agreed to pay a $10 million satisfactory as a part of the plea bargain. Hayes confronted as much as 5 years in prison on every remembrance of his October 2020 indictment earlier than accepting the plea agreement.

Prior to this, Hayes’ attorneys asked that he not be imprisoned. They also asked Judge Koeltl to allow Hayes to reside and travel freely overseas. Hayes, on the other hand, was recommended for a two-year probation term by the probation office.
According to the authorities, Hayes and his co-defendants, Benjamin Delo and Samuel Reed, both BitMEX co-founders, failed to implement anti-money laundering measures into BitMEX. Furthermore, the prosecution said that the trio set up BitMEX in Seychelles to avoid regulatory attention. BitMEX first rejected the charges. However, the exchange’s operators agreed to pay $100 million to settle charges that they permitted unlawful trading for years. Furthermore, BitMEX stated that it has improved its compliance program. Furthermore, BitMEX stated that it has improved its compliance program. Delo and Reed also agreed to pay a total of $10 million. The dates for their sentencing hearings are June 15 and July 13, respectively. Unlike the exchange’s co-founders, Gregory Dwyer, the exchange’s first employee and former Head of Business Development, has declined to face prosecution. His trial is scheduled for August 20, 2022.

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