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Monday, the United States Attorney for the Southern District of New York stated that a high-ranking employee of the offshore crypto derivatives exchange BitMEX pled guilty to breaching a U.S. federal anti-money laundering law.
Gregory Dwyer, a former head of business development at BitMEX, pled guilty to violating the Bank Secrecy Act for failing to "create, execute, and maintain an anti-money laundering program" at BitMEX.
Previously, the United States Attorney obtained judgments against the firm's three co-founders, Arthur Hayes, Benjamin Delo, and Samuel Reed. According to prosecutors, the lack of know-your-customer (KYC) standards at BitMEX allowed the firm to flourish as a hub for illicit activities, including money laundering and sanctions evasion.
U.S. Attorney Damien Williams stated in a news statement that “today’s plea demonstrates that personnel with managerial responsibility at cryptocurrency exchanges, no less than the founders of such exchanges, cannot knowingly violate their duties under the Bank Secrecy Act.”
Two years ago, the CFTC, DOJ, and FinCEN filed civil and criminal charges against BitMex for allowing U.S. citizens to trade crypto derivatives on its platform without being registered in the states and with deficient know-your-customer (KYC) procedures. Even though the agencies eventually settled with BitMEX for $100 million last summer, the allegations led to a leadership change at the exchange.
By the conditions of the plea deal, Dwyer agreed to pay a $150,000 fine. His offense carries a maximum sentence of five years in jail.
