BitMEX founders, Arthur Hayes and Benjamin Delo, have pleaded guilty to breaching the US Bank Secrecy Act prompting the court to penalize them $10 million each in fines.
The US Department of Justice has termed BitMEX as a money laundering protocol in the case that accused the firm of flaunting anti-money laundering policies.
Prosecutor Damian Williams notes that BitMEX breached the Act by not implementing anti-money laundering guidelines.
Hayes and Delo avoided the maximum penalty of five year jail term by taking the plea. The court has also determined that the pair targeted the US customers using influencer marketing.
Williams notes that it is the responsibility of the businesses in the US to play their role in mitigating crime and corruption. The lawsuit claimed that the firm did not implement basic anti-money laundering policies.
Source: Beincrypto
