The new reports show a high likelihood that BitMEX CEO Arthur Hayes could be handed over to the United States authorities by April. The document from the court was shared with a crypto media, The Block, regarding the entrepreneur’s transfer to Hawaii.
Top executives from BitMEX, including the CEO and the firm’s co-founders, Greg Dwyer and Ben Delo, faced court trials. They were eventually charged for their failure to establish and maintain an AML program for cryptocurrencies. The firm has been facing some internal problems since the court case. There are talks concerning the Chief Executive Officer being transferred to the US.
BitMEX fails to put up AML measures
Many countries are putting up stringent anti-money laundering laws to make sure criminals don’t get a means to fund their various activities. While many exchanges have established anti-money laundering measures to prevent crypto holders from laundering money through the use of crypto, BitMEX has reportedly failed to do this, according to authorities.
Cryptocurrency’s decentralized nature makes it easy for bad players to transfer funds from one country to another, thereby financing terrorism and other unwanted causes. The KYC and anti-money laundering measures have helped the space maintain some sanity through the security measures.
The court from a trial in early February transcript shared some details about the executives. Arthur Hayes is currently in Singapore, Dwyer has his current location in Bermuda, and Delo is from the United Kingdom. According to Assistant US Attorney Jessica Greenwood, Hayes spoke about a surrender date next month in Hawaii. The defendant would then appear before the court virtually.
Another co-owner, Delo, might also surrender and face court trials. His attorney had revealed that he would appear before a court in New York. Greenwood added that the team, FBI, and Border authorities to get a permit for him to come to New York.
Dwyler refuses to surrender to US authorities
The prosecutor also mentioned Dwyer while being skeptical about the co-owners moves. She added that the attorney’s office had spoken to his law regarding his appearance. The attorney explained that the executive has refused to surrender, leading to US authorities’ moving to begin extradition proceeding against him.
According to his Twitter profile, Dwyer is currently in Bermuda, and the office would commence actions to that location. Even with the executives’ problems with the law, BitMEX continues to thrive. It remains one of the favorites for investors of crypto derivatives.
The firm shows outstanding performance as it records around $120 billion in trading volumes by the end of February. The exchange was able to overtake its well-known rival, Kraken, regarding trading volumes. Still, investors worry about what will become of the popular exchange when its executives are locked behind bars.
Suppose the owners eventually face trials and are given sentencing. In that case, experts believe that investors would make a run for it to prevent issues regarding their holdings. The firm promises to resolve the ongoing legal issues as soon as possible. The owners would continue to face court charges regarding the AML issues.
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