Founder and former CEO of Digitex Futures Exchange, Adam Todd, has pleaded guilty to willingly leading the firm to fail to establish an Anti-Money Laundering program.
In 2020, Todd announced that there would be “no KYC identity verification requirements of any kind” following a data breach atAt the time, Digitex claimed to be blocking U.S. IPs and requested users to confirm that they were not based in the United States. The U.S. Commodity Futures Trading Commission then filed a lawsuit against Todd and Digitex in 2022. The following year, they won their case, resulting in an order for $16 million in disgorgement and penalties.
Todd is facing up to five years in prison and a $250,000 fine for his actions. However, the U.S. Attorney’s Office has not yet announced Todd’s sentencing hearing date.Digitex’s legal challenges add to the ongoing series of legal issues surrounding exchanges in the crypto industry, which also includes FTX and Binance.
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