Another top manager of the BitMex cryptocurrency exchange, Gregory Dwyer, pleaded guilty to violating the Bank Secrecy Act. As part of the deal, he will have to pay a $150,000 fine.
Former head of business development at BitMex, Gregory Dwyer, has pleaded guilty following the rest of the exchange’s top managers. Recall that CEO Arthur Hayes and one of the co-founders of the exchange Benjamin Delo (Benjamin Delo) pleaded guilty on February 24, and the third co-founder of BitMex Samuel Reid filed a complaint two weeks later.
“Today’s announcement proves to us that employees who have no less power to run cryptocurrency exchanges than the founders of such exchanges cannot willfully ignore their obligations under the Bank Secrecy Act,” said Attorney Damian Williams.
The US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the BitMEX co-founders in October 2020. They were accused of doing business illegally, as well as violating KYC and AML rules. Hayes was given a two-year suspended sentence, Delo received a 30-month suspended sentence, and Reed faces up to five years in prison. At the same time, Reed agreed to pay a fine of $10 million, the same amount Hayes and Delo will jointly pay.
In May, the exchange announced that it was launching its own cryptocurrency spot trading platform, the BitMEX Spot Exchange.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
