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Former BitMEX CEO Arthur Hayes calls for no jail time and freedom to travel

Arthur Hayes, the co-founder and former CEO of crypto derivatives trading platform BitMEX, has filed for leniency in his sentencing, which is scheduled for later this month.

Hayes is not asking for jail time

According to a Bloomberg report today, Hayes’ legal representatives had filed a request for parole with a federal judge in Manhattan without house arrest or community custody. This comes after the BitMEX founder signed a plea deal that would see a reduced prison sentence of six to 12 months under federal guidelines.

In the 65-page filing, which included photos and letters from supporters, including his mother, Hayes asked for no jail time and permission to live and travel abroad.

The lawyers pointed out that the USA vs. Hayes case could serve as a precedent for the US government to better understand how to prosecute subsequent financial crimes committed on crypto trading platforms around the world. They also noted that the former CEO of BitMEX was unlikely to repeat the same offense.

“This is a landmark case that has already had an extraordinary and high-profile impact on Mr. Hayes’ personal life and on the BitMEX business he co-founded,” the letter reads.

According to the report, the government has not yet submitted a sentencing recommendation.

USA vs. Hayes Court Cases

BitMEX and its co-founders Arthur Hayes, Benjamin Delo and Samuel Reed have been accused of violating the Bank Secrecy Act (BSA) and failing to establish, implement and maintain an Anti-Money Laundering (AML) program.

Authorities stated that their failure to set up the know-your-customer (KYC) and AML services actually turned BitMEX into a “money laundering platform.”

Following the lawsuits, the co-founders resigned from their respective roles at the company, and BitMEX agreed to award a $100 million settlement to the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). to count.

In early February, Hayes and Delo pled guilty to the charges against them and agreed to each pay a $10 million fine, while Reed pled guilty to similar charges in March.

Despite the lawsuit, Hayes continues to contribute to recent developments in the crypto market. Earlier this week he shared a comprehensive analysis of how Bitcoin can reach $1 million in eight years.

Source: Crypto News Deutsch

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