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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

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.” 

BitMEX Former Executive Pleads Guilty In US court 4

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.

Arthur Hayes

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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