BitMEX Founders Sentenced to Pay $30 Million

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The three founders of crypto exchange BitMEX have found guilty of violating the Commodity Exchange Act as a result of a lawsuit initiated by the US Commodity Futures Commission.

The Southern District of New York has ordered the developers to pay a $30 million fine.

According to reports, the trading platform’s executives, Benjamin Delo and Samuel Reed, as well as the former CEO of the exchange, Arthur Hayes, have been fined with $10 million each by the court.

This story began on October 1, 2020, when the CFTC filed a lawsuit against the exchange and its founders. The claim was that BitMEX allegedly repeatedly violated applicable US law and CFTC directives.

The document indicated that the crypto derivatives platform had bypassed all sorts of rules and restrictions for quite some time, between 2014 and 2020.

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