🚨Crypto News Alert!🚨 Adam Todd, founder and ex-CEO of Digitex Futures Exchange, has admitted to intentionally neglecting to establish an Anti-Money Laundering (AML) program. 😱 He pleaded guilty in a Florida federal court on May 7.

Todd was indicted earlier this year for running an unregistered futures platform targeting U.S. customers from 2018 to 2022. He's accused of ignoring crucial AML and Know Your Customer (KYC) protocols. 🚫

In 2020, following a data breach at Digitex, Todd announced there would be "no KYC identity verification requirements of any kind". A former employee reportedly stole user information from passports and driver's licenses. 🕵️‍♂️

The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Todd and Digitex in 2022 and won the case the following year, resulting in a $16 million disgorgement and penalties order. 💸

Todd, who resigned as Digitex CEO in October 2022, could face up to five years in prison and a $250,000 fine. The sentencing hearing date is yet to be announced. ⏳

This case adds to the growing list of legal challenges facing crypto exchange CEOs, including those from FTX and Binance. Stay tuned for more updates! 📰👀 #Bitcoin #CryptoNews