Three years ago in Taipei, Arthur Hayes was onstage at a cryptocurrency conference enthusiastically touting 100-times-leverage Bitcoin contracts to hundreds of attentive attendees.

It’s a different story now. Hayes is awaiting sentencing, scheduled for Friday in Manhattan, for failing to implement an anti-money-laundering program at BitMEX, the pioneering crypto exchange he founded with Benjamin Delo and Samuel Reed.

Hayes pleaded guilty and has asked for no jail time. But prosecutors on the case say he should spend significantly more than a year behind bars. Hayes, Delo and Reed also agreed to pay $10 million each to settle allegations ...

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