Home cryptopedia No Prison Time for BitMEX Co-Founder Benjamin Delo, Sentenced to 30 Months Probation

No Prison Time for BitMEX Co-Founder Benjamin Delo, Sentenced to 30 Months Probation

by cryptolovers



Benjamin Delo

BitMEX co-founder Benjamin Delo was sentenced to 30 months probation without home confinement on June 15 for violating US anti-money-laundering law.

  • Delo, sentenced in a New York federal court, managed to evade a jail term. He will also be allowed to return to his Hong Kong home, which he shares with his wife.
  • He told US District Judge John Koeltl that it was a terrible decision not to act sooner to ensure BitMEX was not serving the users of the country.
  • His defense lawyer, Patrick Smith, argued that the former exec was involved in a criminal compliance failure. However, Smith noted that BitMEX was not designed to bypass the law and added that Delo had personally banned hundreds of users with a connection to the US.
  • BitMEX co-founders Arthur Hayes and Samuel Reed, along with the exchange’s first official employee Gregory Dwyer were charged with similar violations for evading the country’s anti-money laundering requirement.
  • The prosecution, who had sought a harsher sentence for Hayes, contended that Delo should serve a year in prison or at least receive two-year probation.
  • Similar to the latest sentencing, Hayes, too, avoided a jail term and received six months of home detention as part of a two-year probationary period.
  • Both Delo and Hayes paid a $10 million penalty as part of a deal with prosecutors and the US Commodity Futures Trading Commission (CFTC).
  • The latest sentencing marks the conclusion of the long-running legal saga that the crypto derivatives platform was embroiled in since 2020.

Featured Image Courtesy of The Times

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Crypto Team

You may also like

Leave a Comment

logo

cryptohunter.store is the Best News and trends about crypto world. Info & Trends Crypto » Info & Trends Crypto – Bounty, Shiller & Airdrop

For Advertise and Shilling 

Please Contact us

©2022 All Right Reserved Info & Trends Crypto » – Bounty, Shiller & Airdrop – .Developed by cryptohunter