U.S. authorities indicted former Digitex CEO Adam Todd in February for failure to implement and maintain an effective Anti-Money Laundering program at the exchange.
Adam Todd, founder and former CEO of the Digitex Futures Exchange, has pleaded guilty in federal court for failure to establish an Anti-Money Laundering program at the firm.
In a May 7 announcement, the U.S. Attorney’s Office for the Southern District of Florida said Todd pleaded guilty to “willfully causing” Digitex to violate the Bank Secrecy Act. Authorities indicted the former CEO in February. According to the indictment, Todd operated an unregistered futures platform for U.S. customers between 2018 and 2022, failing to implement and maintain AML and Know Your Customer (KYC) programs.
According to the U.S. Attorney’s Office, Todd could face up to five years in prison and a $250,000 fine. Though charged in a different federal district, former Binance CEO Changpeng Zhao pleaded guilty to similar charges in November 2023. In April, Zhao was sentenced to four months in prison. His reporting date has yet to be scheduled.
