President Donald Trump confirmed the company’s high rankings this Friday after the decision to grant the president’s forgiveness to three co-founders of the world’s BitMex cryptocurrency exchange what to say about both the financial sector and the cryptocurrency world.
Arthur Hayes, Benjamin Dero and Samuel Reid, who founded Bitmex in 2014, were facing a position to violate the US Bank’s Secret Law, along with former business development manager Gregory Dwyer (Bank Secret Law). Due to lack of proper programs for money laundering and customer verification (KYC). The White House confirmed today’s pardon, signed Thursday, CNBC initially reported.
Bitmex executives declared in 2022 the crime of one position related to the intentional omission of establishing effective measures against money laundering on the platform, which prosecutors described as a “money laundering platform.”
Despite announcing its withdrawal from the US market, Bitmex continued to secretly serve domestic customers and grant access to the platform with minimal requirements, including providing email addresses, according to the US Department of Justice. Prosecutors said the practice was designed to maximize income without considering US law.
After their guilt statement, Hayes, Delo and Reed receive probation sentences for different periods; They agreed to pay a civil fine for a total of $30 million. If related to the Product Future Trade Commission (CFTC). Additionally, in August 2021, Bitmex was fined $100 million between 2015 and 2020 without the necessary control. This is a sanction that marks the precedent for cryptocurrency regulation.
The president’s forgiveness, which includes the entity that arrives at a time when Dwyer and HDR Global Trading’s Opera Bitmex arrive at optimism in the Bitcoin industry and cryptocurrency, has seen allies in Trump after receiving explicit support during the election campaign. The president, who received donations from a prominent figure in the sector, has pledged to more loosely regulate cryptocurrency. This contrasts with previous actions by US authorities against platforms such as Bitmex.
“This complete and unconditional forgiveness from President Trump is an assertion of the position we have always maintained. My co-star, and I should not be criminally charged with dark and outdated law,” Benjamin Dero said in a statement.
«We have been unfairly used as an example for sending inconsistent regulatory signals. I am truly grateful to the President for this forgiveness». Meanwhile, Arthur Hayes was limited to a simple message about social networks. “Thank you,” he mentioned the president’s official profile.
This determination produced a mixed reaction. While some of the crypto community celebrates the pardon as a sign of a victory in decentralization and a change in the regulatory course, critics argue that it undermines their efforts to combat illegal activities in the sector. «The founder of Bitmex admitted his guilt and now received a free pass. This raises questions about consistency in the application of justice,” said a spokesman for the Financial Transparency Organization.
A pardon to Bitmex executives is not Trump’s recent move in this area. This week, the president reported that Nicola founder Trevor Milton was accused of fraud in the electric vehicle sector, suggesting a tendency to support controversial figures in the disruptive industry. Trump has also recently granted Bitcoin pioneer Ross Ulbricht.
With this action, Trump will reaffirm the panorama impact of cryptocurrency and technology, but the industry is waiting for the next step in administration from a regulatory perspective. For now, Bitmex and its founders emerge from years of legal battles with new beginnings, freed from the consequences of previous beliefs.
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