BitMEX Co-Founders Face $30 Million in Civil Monetary Penalties

On Thursday, the Commodity Futures Trading Commission (CFTC) stated that the District Court for the Southern District of New York (SDNY) had issued a consent order against all three founders of cryptocurrency exchange BitMEX, imposing civil monetary penalties totaling $30 million. The Southern District of New York previously fined BitMEX corporate entities $100 million for illegally running a crypto trading platform and breaking anti-money laundering (AML) standards. #AANews #CryptoNews #social #ArthurHayes #BitMEX Court Hits BitMEX Co-founders With $30M in Civil Monetary Penalties https://t.co/d77M3F2mRt – https://t.co/HzksZFXjrd pic.twitter.com/yPMXLply1e — dumbwire CryptoNews 📟 (@dumbwire) May 6, 2022 According to the statement, Arthur Hayes, Benjamin Delo, and Samuel Reed were each fined $10 million by the CFTC. The regulators said BitMEX and its executives had violated the Commodity Exchange Act (CEA) from November 2014 to October 2020. In October 2020, the CFTC filed a complaint against BitMEX and its officials for conducting business in the United States without a license from the regulatory agency. It accused the exchange of working as a Designated Contract Market or a Swap Execution Facility without approval and as a Futures Commission Merchant without sufficient registration. BitMEX also failed to execute KYC/AML procedures for its consumers, according to the CFTC. The exchange settled charges with the CFTC and FinC...