Court orders BitMEX founders to pay $30M civil penalty

Court orders BitMEX founders to pay $30M civil penalty

The U.S. District Court for the Southern District of New York has ordered a total of $30 million civil monetary penalties from the three co-founders of BitMEX crypto derivatives exchange, including former CEO Arthur Hayes.

Hayes, Benjamin Delo, and Samuel Reed were each fined $10 million in consent payments according to a statement from the Commodity Futures Trading Commission (CFTC) at the conclusion of a court battle on May 5 in which the CFTC said they violated aspects of the Commodity Exchange Act and CFTC regulations from November 2014 to October 2020.

CFTC: Bitmex Co-Founders Ordered to Pay $10 Million Each

— db (@tier10k) May 5, 2022

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The CFTC filed suit against the exchange and its three co-founders on Oct. 1, 2020. In a rundown of the conclusion

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