BitMEX Founders Fined $30M for Illegal Operations
  • US Court fined BitMEX founders $30M for operating an illegal crypto platform.
  • The $30M will be divided by three co-founders: Arthur Hayes, Benjamin Delo, and Samuel Reed.
  • The three are scheduled to be sentenced in the upcoming weeks.

The Commodity Futures Trading Commission (CFTC) revealed that the US District Court for the Southern District of New York has charged Bitmex’s founders “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.” 

A press release also stated that founders Arthur Hayes, Benjamin Delo, and Samuel Reed, need to pay $30 million. In detail, these founders need to split the said amount (not $30 million each). 

CFTC said:

“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 (CEA) and CFTC regulations, as charged.”

The orders originated from a complaint filed by CFTC against Bitmex and its three founders in October 2020. In August 2021, CFTC settled the initiative against Bitmex. CFTC said they “incorporated a $100 million civil monetary penalty and injunctions against future violations of the CEA and CFTC regulations.”

Furthermore, the Commission said that the founders have entered guilty pleas to count one of the indictments against them. Moreover, they will be sentenced in the upcoming weeks.

Disclaimer Read More

Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.