Ex-BitMEX CEO Hayes Asks for No Jail Time, Ability to Travel Freely: Report

Lawyers for Arthur Hayes argued he was unlikely to be a repeat offender and included a letter of support from his mother.

AccessTimeIconMay 5, 2022 at 1:30 p.m. UTC
Updated May 5, 2022 at 1:53 p.m. UTC

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

BitMEX co-founder and former CEO Arthur Hayes, who pleaded guilty to violating the Bank Secrecy Act in February, has asked for no jail time and the freedom to travel freely and live abroad, according to a report from Bloomberg.

  • Hayes and co-founder Benjamin Delo, as well as former Chief Technology Officer Samuel Reed, all acknowledged they had operated BitMEX, a crypto spot and derivatives trading platform, with poor anti-money laundering (AML) protocols and agreed to pay a fine of $10 million each.
  • Hayes’ lawyers filed a request for probation after agreeing to a plea deal that would result in a prison sentence of six to 12 months under federal guidelines, according to Bloomberg.
  • The lawyers argued that Hayes is unlikely to be a repeat offender, and included a letter from his mother and other supporters, Bloomberg wrote.
  • Hayes surrendered to U.S. authorities in Hawaii in April to face charges.
  • Hayes will be sentenced by a federal judge later this month.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC