Legal Issues With Crypto Exchanges Bitmex’s co-founders are still making headlines. Benjamin Delo surrendered to US authorities and Arthur Hayes agreed to perform the same maneuver in April.
Delo released on a $ 20 million bail bond
According to Bloomberg, Bitmex’s co-founder Benjamin Delo traveled to the US from the UK and pleaded not guilty to US judge Sarah L. Cave. However, he was later released after putting $ 20 million on bail.
According to the release conditions, Delo was allowed to return to the UK by the judge. Still, he’s facing a court status conference scheduled for May.
Together with Arthur Hayes and Samuel Reed, Delo co-founded the crypto derivatives exchange. In October 2020, however, they were accused of violating the Banking Secrecy Act (BSA). The allegation was filed by the Commodity Futures Trading Commission (CFTC) and the US Department of Justice.
The BSA requires financial institutions to provide documentation with transactions above the $ 10,000 threshold. The aim of such a measure is to prevent money laundering by the banking system.
In addition, Gregory Dwyer, one of the first employees of the crypto exchange, was indicted in the Bitmex litigation with the US authorities. He remains at large at the time of going to press.
A Delo spokesperson told Bloomberg:
The charges are unfounded and overreach by the US authorities and Delo intends to defend the charges and clear his name in court.
Hayes will surrender in Hawaii on April 6th
On May 17, 2021, the U.S. District Court for the Southern District of New York announced that Arthur Hayes also agreed to surrender in the United States on April 6, 2021. He is released on a $ 10 million bond backed by a $ 1 million bond with cash deposit.
Hayes currently resides in Singapore and will be present in Hawaii before the US authorities, according to court records.
Reed is also a free man after he was arrested in 2020 and deposited a $ 5 million bond.
What do you think of the surrender of both co-founders? Let us know in the comments below.
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