March 29, 2024

BitMEX Co-Founder Benjamin Delo Receives 30 Months of Probation

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BitMEX Co-Founder Benjamin Delo Receives 30 Months of Probation

Another top manager of the BitMEX cryptocurrency exchange was sentenced for violating the Bank Secrecy Act. The court treated Benjamin Delo leniently and gave him a suspended sentence of 30 months.

According to CoinDesk, the verdict wasannounced on June 15. In February, Benjamin Delo pleaded guilty to “voluntarily failing to develop, implement and maintain anti-money laundering procedures” at the BitMEX exchange. 

At the same time, prosecutors demanded that the co-founderBitMEX a year in prison or a two-year suspended sentence with house arrest for six months. The former CEO of the exchange, Arthur Hayes, received a similar punishment in May.

Judge John Koeltl calledcrimes The case is “extremely serious,” especially since the co-founder of BitMEX himself was aware of the lack of AML procedures and user identification. However, the judge admitted that the exchange later took all the necessary steps.

“When I look around, I see a fundamental failure in fixing the problems in our systems,” Delo noted during the hearing.

The case is a British citizen, andlives in Hong Kong. The court made concessions and allowed him to return to Hong Kong to serve his suspended sentence. The lawyers were pleased with the outcome of the case.

Let us remind you that the trial of the head of the BitMEX business development department, Gregory Dwyer, is scheduled for October this year.