Third BitMEX co-founder admitted to violating US bank secrecy act

Samuel Reed will pay a fine of $10 million

10.03.2022 - 11:35

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What’s new? The third co-founder and former CTO of the BitMEX cryptocurrency exchange, Samuel Reed, has admitted to violating the US Bank Secrecy Act (BSA), according to a press release from the US Department of Justice. Reed cut a deal with the authorities, the government estimated his criminal proceeds at $10 million, this amount he will pay as a fine.

US Department of Justice’s press release

What had happened before? Damian Williams, the United States Attorney for the Southern District of New York stated:

“Samuel Reed has now joined his co-founders, Arthur Hayes and Benjamin Delo, in admitting that they caused BitMEX to commit criminal violations of the anti-money laundering laws that govern financial institutions operating in the United States.”

In February 2021, a US court found the other two founders of the exchange guilty of money laundering. The charges were filed in 2020 and the judge ordered BitMEX to pay a $100 million fine to settle the claims.

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