Bitmex’s Arthur Hayes Requests Leniency, No Jail Time for Violating the United States Bank Secrecy Act

Quick take:

  • Bitmex’s creator and previous CEO, Arthur Hayes, has actually asked for leniency from the judge managing his lawsuit
  • Mr. Hayes is asking for no prison time and authorization to live abroad and take a trip easily
  • His legal representatives have actually likewise requested probation without any house detention or neighborhood confinement
  • Arthur Hayes had actually struck a plea offer that would lead to a jail sentence of 6 to 12 months

The creator of Bitmex and previous CEO, Arthur Hayes, is asking for leniency from the Manhattan Federal Judge managing his lawsuit.

According to Bloomberg, Mr. Hayes, who pleaded guilty to breaching the Bank Secrecy Act in February of this year, is requesting no prison time and authorization to live abroad and take a trip easily. His legal representatives likewise asked for probation in choice over home arrest or neighborhood confinement. Mr. Hayes’ demand to the Federal Judge likewise consisted of a letter from his mom along with photos and letters from his advocates.

The letter to the Federal Judge went on to state:

This is a landmark case that has currently had an amazing and well-publicized influence on Mr. Hayes’s individual life and on the BitMEX organization that he co-founded.

Arthur Hayes Was Charged Alongside Other Bitmex Execs.

Hayes’ ask for leniency follows he struck a plea handle the prosecution, which would lead to a 6 to a twelve-month jail sentence.

His legal problems come from October 2020 when the Commodity Futures and Trading Commission (CFTC) charged him – along with 2 other owners of Bitmex, Ben Delo and Samuel Reed – for running an unregistered trading platform, breaching numerous CFTC policies and the Bank Secrecy Act, and conspiring to break the Bank Secrecy Act.

Regarding the latter 2 charges, all 3 had actually been prosecuted by the United States Department of Justice under the United States Attorney’s workplace of the Southern District of New York along with a 4th accused, Gregory Dwyer.

At the time of the preliminary charges, FBI Assistant Director William F. Sweeney Jr discussed that the 4 accuseds breached the Bank Secrecy Act by stopping working to execute United States anti-money laundering requirements. He stated:

…the 4 accuseds, through their business’s BitMEX crypto-currency trading platform, willfully breached the Bank Secrecy Act by averting U.S. anti-money laundering requirements.

One accused reached to boast the business included in a jurisdiction outside the U.S. since paying off regulators because jurisdiction expense simply ‘a coconut.’

Thanks to the thorough work of our representatives, experts, and partners with the CFTC, they will quickly discover the cost of their declared criminal activities will not be paid with tropical fruit, however rather might lead to fines, restitution, and federal jail time.

[Feature image courtesy of]

Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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