Another top manager of the cryptocurrency exchange BitMEX was sentenced for violations of the Bank Secrecy Act. The court went easy on Benjamin Delo and gave him a 30-month suspended sentence.
The sentence was announced on June 15. In February, Benjamin Delo pleaded guilty to “voluntarily failing to develop, implement and maintain procedures to combat money laundering” on the BitMEX exchange,
with prosecutors demanding a year in prison or two years of probation and six months of house arrest for the BitMEX co-founder.
Former exchange CEO Arthur Hayes received a similar sentence in May.
Judge John Koeltl called the crimes of Case “extremely serious,” especially since the BitMEX co-founder himself was aware of the lack of AML procedures and user identification. However, the judge acknowledged that the exchange later took all the necessary steps.
“When I look back, I see a fundamental failure in fixing the problems in our systems,” Case noted during the hearing.
Case is a U.K. citizen and resides in Hong Kong. The court made concessions and allowed him to return to Hong Kong to serve his suspended sentence. The lawyers were satisfied with the outcome of the case.