Gregory Dwyer is the last person from the exchange management to plead guilty. A third co-founder of the crypto exchange BitMEX has been added to the ranks of the top executives.
They pleaded guilty before the United States District Court for the Southern District of New York. Under the title “U.S. v. Hayes et al.” The case continues for two years with BitMEX management indicted for violating U.S. Bank Secrecy Law.
According to the Wall Street Journal on Aug. 8, Gregory Dwyer was the BitMEX’s former head of business development. He pleaded guilty to violating the Bank Secrecy Act at court. Dwyer would be fined $150,000 as part of a plea agreement.
This development was commented upon by Damian Williams, Manhattan Attorney.
“Today’s plea shows that employees with management authority in cryptocurrency exchanges, not less than founders, cannot willfully ignore their obligations under Bank Secrecy Act.”
Williams mentioned that all the founders pleaded guilty before. Arthur Hayes, the former CEO, and Ben Delo, one of the cofounders, , admitted their guilt in February 2022. Samuel Reed, the third cofounder, entered a plea two-weeks later.
Hayes was sentenced to two-year probation, Delo to 30 months probation, while Reed faces up to five years imprisonment. Reed agreed to pay $10 million, and the same amount would be shared by Hayes & Delo.
In 2020 , the charges against three BitMEX cofounders and Dwyer have been filed. Prosecutors accused the Seychelles-incorporated exchange of false withdrawal from the U.S. market, as it didn’t try hard enough to stop American users from signing up. In addition, BitMEX had been indicted for operating as a money-laundering platform, lacking the necessary anti-money-laundering (AML) and know-your-customer (KYC) protocols.
