TechFlow news: Samuel Reed, co-founder of BitMEX, has pleaded guilty to violating the Bank Secrecy Act and agreed to pay a $10 million fine. Reed admitted to intentionally failing to establish and maintain anti-money laundering (AML) and know-your-customer (KYC) programs, allowing BitMEX to operate as a money laundering platform. Despite knowing that operating in the U.S. required compliance with these regulations, he failed to take appropriate measures.
BitMEX claimed it did not offer services in the United States, but in reality served thousands of U.S. customers during certain periods.
Two other co-founders of Reed, Arthur Hayes and Benjamin Delo, also pleaded guilty before February 2022.
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