March 03, 2022

Cryptocurrency Exchange Founders Plead Guilty to Bank Secrecy Act Violations

Enforcement Highlights Blog

On February 24, 2022, two of three founders of an off-shore cryptocurrency derivatives exchange, the Bitcoin Mercantile Exchange or “BitMEX,” pled guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an anti-money laundering program.  Pursuant to their respective plea agreements, defendants Arthur Hayes and Benjamin Delo each agreed to pay a $10 million criminal fine and face up to five years in prison.  The defendants’ guilty pleas were entered approximately one month before they were scheduled to stand trial in the United States District Court for the Southern District of New York.

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