Arthur Hayes, alongside the other BitMEX fellow benefactors — Benjamin Delo and Samuel Reed — and the organization’s first non-representative Gregory Dwyer, pleaded guilty to the Bank Secrecy Act (BSA) violations on Feb 24, admitting to “stubbornly neglecting to lay out, carry out and keep an Anti-Money Laundering (AML) program at BitMEX.”
Confessing to supporting illegal tax avoidance is a culpable offense, frequently conveying a greatest punishment of five years jail time. Nonetheless, both Hayes and Delo made their liable requests in front of the March preliminary date and had consented to pay $10 million in criminal fines each.
On April 7, Cointelegraph detailed that Hayes voluntarily surrendered to US authorities in Hawaii a half year after government investigators initially demanded charges, to which his legal counselors expressed:
“Mr. Hayes intentionally showed up in court and anticipates battling these unjustifiable charges.”
According the arraignment, public court filings, and articulations made in court, Hayes was delivered in the wake of posting a $10-million bail bond pending future proceedings in New York. Nonetheless, investigators from the Office’s Money Laundering and Transnational Criminal Enterprises Unit viewed the business people to be blameworthy for not executing AML shields, including not satisfying know-your-client (KYC) commitments.
Notwithstanding the approaching chance of serving prison time, taking ownership of the charges brought about Hayes being condemned to a home constrainment sentence that expects him to spend the initial a half year of his sentence from home. Moreover, he likewise consented to pay a fine of $10 million.
Related: Blockchain and crypto can be a boon for tracking financial crimes
Busting the legend connected with the simplicity of laundering cash utilizing crypto, another examination features the capability of blockchain innovation and crypto to find monetary wrongdoings.
While various activities inside the crypto biological system were casualties of designated assaults, agitators keep on battling with regards to changing out the taken assets.
Speaking to Cointelegraph, Dmytro Volkov, chief technology officer at crypto exchange CEX.IO, said that the notion of crypto being primarily used by criminals is outdated, adding:
Read More: Crypto News
“In the case of Bitcoin (BTC), whose blockchain ledger is publicly available, a serious exchange with a competent analytics team can easily monitor and thwart hackers and launderers before the damage is done.”
