Former BitMEX CEO Gregory Dwyer eventually pleaded guilty to violating the Bank Secrecy Act.
Gregory Dwyer, who served as Business Development Manager for cryptocurrency exchange BitMEX, admits that he has been unsuccessful in establishing, implementing, and maintaining an anti-money laundering (AML) program according to regulatory standards decided for the floor before the US Court.
According to Attorney Damian Williams, Gregory Dwyer’s plea now means that the US government can issue judgments against four key BitMEX executives, including three other co-founders, Samuel Reed, Benjamin Delo, and Arthur Hayes for willfully violating anti-money laundering laws.
“Today’s plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot willfully disregard their obligations under the Bank Secrecy Act.”
Hayes received two years probation, Delo received 30 months, and Reed faces up to five years in jail. Reed agreed to pay a $10 million fine on his own; Hayes and Delo agreed to pay the same amount jointly.
US authorities have previously pursued BitMEX in 2020, with the US Financial Crimes Enforcement Network (FinCEN), the US Department of Justice (DOJ), and the Commodity Futures Trading Commission (CFTC) filing filed fraudulent and civil actions against the exchange for allowing US citizens to trade cryptocurrencies.
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BitMEX Former Executive Pleads Guilty In US court
Former BitMEX CEO Gregory Dwyer eventually pleaded guilty to violating the Bank Secrecy Act.
Gregory Dwyer, who served as Business Development Manager for cryptocurrency exchange BitMEX, admits that he has been unsuccessful in establishing, implementing, and maintaining an anti-money laundering (AML) program according to regulatory standards decided for the floor before the US Court.
According to Attorney Damian Williams, Gregory Dwyer’s plea now means that the US government can issue judgments against four key BitMEX executives, including three other co-founders, Samuel Reed, Benjamin Delo, and Arthur Hayes for willfully violating anti-money laundering laws.
“Today’s plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot willfully disregard their obligations under the Bank Secrecy Act.”
Hayes received two years probation, Delo received 30 months, and Reed faces up to five years in jail. Reed agreed to pay a $10 million fine on his own; Hayes and Delo agreed to pay the same amount jointly.
US authorities have previously pursued BitMEX in 2020, with the US Financial Crimes Enforcement Network (FinCEN), the US Department of Justice (DOJ), and the Commodity Futures Trading Commission (CFTC) filing filed fraudulent and civil actions against the exchange for allowing US citizens to trade cryptocurrencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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