For violations of the Bank Secrecy Act (BSA), BitMEX co-founder Benjamin Delo received 30 months probation without home confinement.
The punishment brings to an end a legal chapter that began in the fall of 2020, when the US accused Delo and co-founders Arthur Hayes and Samuel Reed of "evading US anti-money laundering rules" in actions involving their cryptocurrency exchange, BitMEX.
Following that, both Hayes and Delo pleaded guilty to one count of violating the BSA, which carries a maximum sentence of five years in jail.
Hayes avoided jail time, but as part of a two-year probationary period, he was sentenced to six months of home detention.
After serving his six-month home detention sentence in the United States, Hayes will be allowed to travel to his home in Singapore for the duration of his probation.
Judge John G. Koeltl sentenced Delo to 30 months probation without home confinement at today's hearing. Delo's regulatory cases involving BitMEX are now closed as a result of the punishment.
"Ben is glad to finally put this matter behind him and looks forward to refocusing his attention, time, and energy on his humanitarian efforts," a representative for Delo's firm, Smith Villazor, said.
Prior to his sentencing, Delo's legal team submitted a letter requesting a probationary term with no fine or jail time to be spent in Hong Kong, where he currently resides.
In a separate civil case against them, Hayes and Delo each paid $10 million in civil monetary penalties to the Commodity Futures Trading Commission.
The prosecution requested heavier penalties than those handed down. In Hayes' case, the DOJ demanded more than the standard 6-12 months in prison, despite Hayes' attorneys' proposal for simply probation.
In Delo's case, it contended that the co-founders' punishments should be equal, and that Delo should receive the same sentence as Hayes: two years of probation plus six months of home detention in the United States. The judge finally refused to include house detention as part of the sentence.