Gregory Dwyer, who was onetime BitMEX’s head of business development, pleaded guilty to breaching the Bank Secrecy Act for not designating, implementing, and maintaining an anti-money laundering (AML) program at BitMEX.
U.S. Attorney Damian Williams communicated that with the plea, the Office has obtained criminal judgments against all three founders, and also a high-ranking employee at BitMEX, for deliberate breaching of anti-money laundering laws.
Williams further remarked that the plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot knowingly disregard their obligations under the Bank Secrecy Act.
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The Charge, public court filings, and statements made in court read that from at least September 2015 till September 2020, Dwyer has operated with BitMEX’s founders Arthur Hayes, Benjamin Delo, and Samuel Reed.
The filing also read that BitMex has failed to establish and sustain an AML program, including a program for verifying the identity of BitMEX’s customers.
The statements further mentioned the willful failure to implement AML and KYC programs, and thus called BitMEX, a money laundering platform.
As per the plea’s agreement terms, Dwyer settled to pay a $150,000 criminal fine. Furthermore, the maximum penalty for his crime is five years in prison.
Recently, the firm’s three co-founders, Arthur Hayes, Benjamin Delo and Samuel Reed pleaded guilty to disobeying the U.S. Bank Secrecy Act and were charged of not implementing compliance programs for specifying customers.
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