News

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.

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

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.

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

15 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.