- Crypto firm chiefs to face trial for their crimes.
- Previous CEO Arthur Hayes negotiating surrender in Singapore.
Former executives of BitMEX, a top crypto exchange firm, are to face trial for their crimes by March 2022.
Former CEO Arthur Hayes, and former CTO Benjamin Delo, and Samuel Reed, who are founding members of the exchange, are accused of laundering money to the tune of $250,000. The suspects are to face trial 18 months after fleeing and risk up to five years in jail if found guilty.
Other crimes of the former BitMEX executives include allowing customers to trade on their platform without identifying information. Their failure to implement AML and KYC checks has made them a vehicle for money laundering and sanction violation.
Other crimes of the ex-BitMEX chief
Months back, U.S. officials accused the CEO of the company Arthur Hayes, the co-founder Benjamin Delo, and Samuel Reed of violating the Bank Secrecy Act. Moreover, the members of BitMEX were served with money-laundering charges.
On the 11th of May – 18 months after the first accusations against the New York exchange, District Judge John Koeltl set the trial date for March 28th, 2022.
Although BitMEX is headquartered in Seychelles, the U.S. Department of Justice accused the firm of failing to apply anti-money laundering procedures while doing business with US-based customers.
The firm’s ex-CEO has indicted himself, saying that Seychelles was a more convenient place for business. It was much easier to bribe Seychelles’ authorities than the U.S. cryptopotato reports.
The former executives of the cryptocurrency exchange could face a maximum of five years in prison alongside a $250,000 fine.
Cryptopolitan reported that ex-CEO previously, Arthur Hayes, has been negotiating his surrender in Singapore.
In a February hearing, Assistant U.S. Attorney Jessica Greenwood told the U.S. District Court of the Southern District of New York that she expected Hayes to surrender in Hawaii on the 6th of April. The ex-BitMEX chief turned himself in on April 6th, 2021. However, the officials released him on a $10 million bond pending the future court process.