Digitex Futures Exchange's former CEO admits to violating the Bank Secrecy Act.

ChainCatcher news, according to Cointelegraph, Adam Todd, the founder and former CEO of Digitex Futures Exchange, pleaded guilty in federal court for the company's failure to establish an anti-money laundering program.

According to an announcement from the Southern District of Florida U.S. Attorney's Office on May 7, Adam Todd admitted to "willfully causing" Digitex to violate the Bank Secrecy Act. According to the indictment, Adam Todd operated an unregistered futures platform for U.S. customers from 2018 to 2022, failing to implement and maintain anti-money laundering and know your customer (KYC) programs.

According to the Southern District of Florida U.S. Attorney's Office, Adam Todd faces up to five years in prison and a $250,000 fine.