Arthur Hayes is wanted by U.S. authorities, and insiders wonder whether he and his partners are villains—or victims of a two-tiered justice system that favors big banks over brash outsiders.
as “an open invitation for billionaires...to publicly commit to giving the majority of their wealth to philanthropy.” In a letter explaining his decision, he wrote, “As a schoolboy in Britain aged 16, I was asked to list my ambitions for the future. I answered concisely: ‘Computer programmer. Internet entrepreneur. Millionaire.’ I have been incredibly fortunate to exceed those goals, and I’m grateful to be in a position to sign this pledge.
When asked if he might concede that U.S. and European regulatory authorities are on a slightly different plane than those in the Seychelles, Hayes remarked, “It just costs more to bribe them.” And how much was Hayes paying to bribe the Seychelles authorities? His answer: “a coconut.”.” In it he raised red flags about systematic illegality in offshore exchanges.
Professor Roubini had been sounding the alarm for well over a year—and in October, the feds answered. But it was not just the Justice Department. The CFTC—which protects retail and institutional investors from fraud, manipulation, and abusive practices related to the sale of futures and options—filed a civil suit against BitMEX and its founders for operating an unregistered trading platform and failing to implement required anti-money-laundering procedures.
The commission did not buy the company’s line that it was off-limits to Americans. According to a civil filing, BitMEX derived much of its volume and fees from U.S. customers. Prosecutors alleged that the company’s anti-money-laundering and know-your-customer policies and practices were merely window dressing: “BitMEX allows customers to open accounts with an anonymous email and password, and a deposit of Bitcoin.
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