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Fourth former BitMEX CEO pleads guilty in court

 


Another former CEO of crypto exchange BitMEX has now pleaded guilty in New York's Southern District Court. The trial against the former CEO and Arthur Hayes and the rest of BitMEX management for violations of the US money laundering law has been going on for two years.


The Wall Street Journal reported Aug. 8 that Gregory Dwyer, the former director of business development at the crypto trading platform, has admitted complicity in the money laundering violations. This admission comes as part of an understanding between the defendant and prosecutors, through which Dwyer also agreed to pay a $150,000 fine:


Manhattan Attorney Damian Williams commented on the developments as follows:


"Today's understanding makes it clear that senior executives at a crypto exchange are no less responsible than its founder for intentionally failing to comply with anti-money laundering regulations."

The remaining former members of BitMEX management have all already pleaded guilty. The two founders, Arthur Hayes and Ben Delo, initially admitted their guilt on February 24, 2022, before the third founder, Samuel Reed, also reached an agreement with the public prosecutor.


Hayes was given a suspended sentence of two years plus 6 months house arrest, while Delo's sentence is suspended for 30 months. Meanwhile, Samuel Reed faces a five-year prison sentence including a $10 million fine, the same sum Hayes and Delo had to pay together.


The charges against the three BitMEX founders and co-CEO Dwyer were filed in 2020. The New York public prosecutor's office has accused the accused of not having adequately ensured that American investors cannot access the crypto trading platform on the one hand and not having taken adequate precautions to combat money laundering on the other.

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