One among the founders of the renowned crypto derivatives exchanges BitMEX surrendered to United States authorities to face charges of violating the Bank Secrecy Act earlier on Monday.
Ben Delo traveled from the United Kingdom to the U.S. and appeared before Magistrate Judge Sarah L. subside a foreign proceeding where he pleaded acquitted, consistent with public court records.
He was subsequently released on a $20 Mln bail, on Monday, with a standing conference set for May, consistent with court records. Bloomberg further reported that Delo is going to be allowed to return to the United Kingdom under the terms of his bail.
Delo, alongside BitMEX co-founders Arthur Hayes and Samuel Reed, were charged with violating the BSA and conspiracy to violate the BSA earlier in October by the U.S. DOJ [Department of Justice] CFTC [Commodity Futures Trading Commission].
BitMEX’s first employee, Gregory Dwyer, was also charged.
Beneath the BSA, financial institutions are required to offer documentation to regulators with transactions over $10k. Its stated purpose is to stop criminals from laundering large sums of money at banks at all.
“The charges against Ben are unfounded and represent unwarranted overreach by the U.S. authorities,” Rachel Miller, a spokesperson for Delo, told Bloomberg. “Ben intends to defend himself against the fees and clear his name in court.”
Also, earlier this month, Jessica Greenwood, an assistant United States attorney for the Southern District of New York, added that she had been in talks with Haye’s lawyers. Court documents reveal Greenwood claimed to “have discussed with counsel the way to arrange for a voluntary surrender” for Hayes and for an agreement to seem remote or come to NY “as required at the time.” Reed was arrested last year & subsequently released on bond.