The judgments are the result of a CFTC civil suit on Bitmex as well as its 3 executives in October 2020.
Bitmex's founding members have been condemned to pay $30 million in fines "for unlawfully running a cryptocurrency trading system and anti-money fraudulent transactions Arthur Hayes, Benjamin Delo, and Samuel Reed each have to pay $10 million.
The Commodity Futures Trading Commission (CFTC) released a statement saying that the United States District Court for the Southern District of New York has ordered Bitmex's founding members to compensate $30 million in fines "for illegitimately functioning a crypto exchange proprietary trading system and anti-money racketeering infringements."
The CFTC confirmed, acknowledging that the 3 Bitmex founders are Arthur Hayes, Benjamin Delo, and Samuel Reed
The decisions impose a $10 million civil financial punishment on those and bar Hayes, Delo, and Reed from further breaches of the Commodity Exchange Act (CEA) and CFTC rules.
The judgments are the result of a CFTC civil suit on Bitmex as well as its 3 executives in October 2020.
The CFTC settled the case against Bitmex in August 2021, imposing "a $100 million criminal financial compensation and injunctive relief for potential breaches of the CEA and CFTC laws," according to the commodities regulator.
According to the CFTC, the US Attorney's Office for the Southern District of New York "indicted Hayes, Delo, Reed, and one that certain individual on allegations of wilfully inducing Bitmex to violate the Bank Secrecy Act and conspiracy to conduct the very same offence."
Hayes, Delo, and Reed have signed criminal verdicts in order to have one of the accusations involving them dismissed. The trio are due to be punished in the following days, according to the trade watchdogs.
