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BitMEX co-founder Benjamin Delo avoids jail time

16 Jun 2022 : 00:30
2 min read
  • BitMEX co-founder Benjamin Delo was convicted to 30 months of probation without home confinement
  • Delo, together with BitMEX founder Arthur Hayes, pled guilty earlier this year to accusations of violating the Bank Secrecy Act
  • The prosecution sought harsher sentences than what was given in both cases

BitMEX co-founder Benjamin Delo was convicted to 30 months of probation without home confinement for violating the Bank Secrecy Act (BSA).

Benjamin Delo was sentenced to 30 months of probation

Delo, together with BitMEX founder Arthur Hayes, pled guilty earlier this year to accusations of violating the Bank Secrecy Act in a case dating back to 2020. Delo also agreed to pay a $10 million fine in a February settlement with the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC).

At today’s hearing, Judge John G. Koeltl sentenced Delo to 30 months probation without home confinement. As a result of the sentencing, Delo’s regulatory concerns with BitMEX have been resolved.

The prosecution sought a harsher sentence

The Department of Justice, along with the CFTC and FinCEN, announced that BitMEX and its founders had violated both civil and criminal statutes by allowing U.S. residents to trade crypto derivatives on the exchange even though it was not registered in the country and had poor know-your-customer practices.

The prosecution sought harsher sentences than what was given in both cases. Still, Delo and Hayes were able to avoid prison time because the judge ultimately refused to agree, declining to include jail time in the sentence and, in the case of Delo, also declining to include home detention, which the prosecution had requested.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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