A New York federal court has given Benjamin Delo, co-founder of cryptocurrency derivatives exchange BitMEX, a 30-month probation for violating the Bank Secrecy Act (BSA). Reported by CoinDesk.

The defense thanked the court for rejecting “the government’s cynical attempt to exaggerate the gravity of the accusation.”

“In today’s probation, it is considered that this case resulted from non-compliance that led to a violation of legislation and nothing else,” the lawyer said.

Recall that the BSA violation case was initiated by the US Department of Justice in October 2020. In February 2022, BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty and agreed to pay a $10 million fine each.

In parallel with this, a lawsuit was filed against the stock market. CFTCaccused its founders of operating an unregistered trading platform and violating the rules for the conduct of KYC/AML procedures.

Dava and Hayes surrendered to US authorities in March and April 2021, respectively. They were released on $20 million and $10 million bail.

The exchange settled the civil lawsuit filed by the CFTC in August 2021 by accepting a $100 million fine and an independent audit.

Hayes had previously been sentenced to six months of house arrest and two years of probation.