BitMEX’s Ben Delo Surrenders To US Authorities In New York
Ben Delo, co-creator of the digital currency and subsidiaries exchange BitMex gave up to US authorities to deal with indictments of abusing the Bank Secrecy Act on Monday. Ben Delo came from England to the USA and showed up under the observant eye of Judge Sarah L, where he made a statement denying any wrongdoing and pleading not guilty, as indicated by open court records.
Later, Ben Delo was eventually released with a bail of $20 million. On Monday, as per court records, he will appear at a status conference set for May. According to the conditions set, Delo will be permitted to go back to England under the provisions of his bail.
BitMex is a company owned and ran by HDR Global Trading Limited. It offers a platform to trade Crypto products peer to peer; HDR Global is an entity from the Republic of Seychelles, according to the BitMex website.
BitMex co-creator surrendered to authorities after being caught breaking US Bank Secrecy Act. BSA or Bank Secrecy Act was established in 1970 to stop criminals from laundering or hiding money using financial institutions. The legislation requires financial organizations to arrange documents for the regulating bodies every time their clients trade with doubtful cash transactions over $10,000.
BitMex employees under fire
BitMex co-creator Arthur Hayes and Samuel Reed were also accused of abusing the BSA and attempt to disregard the BSA last October by the U.S. Division of Justice and Commodity Futures Trading Commission.
In the month of October in 2020, Samuel Reed, the ex-Chief Technical Officer (CTO) of BitMex, also came under fire and was released by paying $5million in bail and consent to obey court orders. Arthur Hayes, the former CEO of BitMex, is also collaborating with law officials to surrender on the 6th of April in Hawaii.
Corresponding to the court teleconference transcript from the 16th of February, Greg Dwyer, the co-owner of BitMex, refused to surrender. Nevertheless, extraction proceeding against Dwyer has been begun to bring him back to the USA and to appear in the court.