Dwyer’s lawyers negotiated his extradition to the United States, and he must appear in court in March 2022 to present his defense for the crimes associated with BitMEX.
Gregory Dwyer, one of the four BitMEX executives pointed out by US authorities for violations, and disruption of local laws will get officially extradited to the US to face his legal process within the American nation.
The extradition recently appeared in a report published by The Royal Gazette, where they reported that Dwyer had already accepted the extradition and will get transferred from Bermuda to the United States of America to face the charges brought by the US authorities.
Another consideration to have in mind is that both Dwyer and three other executives were accused of violating the Banking Secrecy Act (BSA) in October of last year, signalling them for conspiration to avoid anti-money laundering laws.
At the time, the US Department of Justice presented these charges to the CEO of BitMEX, Arthur Hayes; CTO Samuel Reed; co-founder Benjamin Delo; and Dwyer who was listed as head of business operations
While Reed, Delo, and Hayes got released on fairly substantial bail, Dwyer managed to flee to the Bahamas and is currently having conversations with the authorities about the possibilities to properly face the legal charges against him.
More Details About the Extradition
As such, the extradition came to effect after a conversation between Dwyer’s attorneys and legal officials. Both teams made contact to talk about the defendant’s whereabouts and agree on the terms so that he could assume the legal procedures in the United States of America.
A US court decided that the platform for the exchange of derivatives of bitcoin (BTC) and cryptocurrencies, BitMEX, will have to pay a fine of at least 100 million dollars.
The Court for the Southern District of New York managed an order against the exchange on multiple charges including conducting illegal, unlicensed operations and a failure to set “Know Your Customer” (KYC) and anti-money laundering (AML) protocols.
With the court’s decision and the payment of the funds, BitMEX resolved the legal case as a company. However, the agreement excluded the co-founders and former directors. Arthur Hayes, Benjamin Delo, and Samuel Reed will keep being under investigation. All three have pleaded not guilty.
BitMEX got banned from doing business in the United States of America or with Americans as it does not have the corresponding permits. According to the CFTC, the bitcoin derivatives platform brought illicit leveraged trading in the months of November 2014 and October last year.
In 2020 and 2021, and after the retirement of its CEO Arthur Hayes, BitMEX started to apply new measures to comply with international regulators.
Some of the changes in their business models with bitcoin include the application of KYC protocols, user verification, and recruiting of personnel to establish compliance with the policies and new services to operators.
By: Jenson Nuñez
