Exchanges & BrokersNews

BitMEX Executive Agrees On Voluntary Surrender

Things have not been smooth sailing for BitMEX and its executives as four of them were charged with some crimes. The group has been on the news for the past few weeks regarding their arraignment and movement globally. The US government might be the sole government to investigate and find out there actual details of the claims.

While most of the executives have voluntarily surrendered to authorities, Ben Delo, a co-founder of the BitMEX exchange, is the latest addition. Sources explained that this came to be due to negotiations between the founder and the US attorney. Experts believe that the voluntary surrender might give Ben Delo milder charges if found to be guilty.

BitMEX executives voluntarily surrender

The popular exchange, BitMEX’s founders are now facing legal charges for some alleged acts against the United States. Delo, who recently surrendered to the US, is a British national and had been part of the executives which the US government holds responsible for the inadequate anti-money regulations in BitMEX.

The nation explained that the AML was inadequate, making it easy for bad players to use the medium for illicit acts. Countries globally, especially America, have been stringent concerning anti-money measures, mainly because cryptos are a frequent choice amongst lawbreakers. The North American country explained that criminals use cryptos for terrorism funding and money laundering.

📰 Also read:  You Can Buy MELANIA Coin on Binance Now!

The US has stringent laws for crypto-related platforms like BitMEX to reduce or completely eradicate criminals’ possibility of using the medium for illicit and malign purposes. US authorities, such as federal prosecutors and the Federal Bureau of Investigation (FBI), Custom and Border Patrol negotiated some terms with the entrepreneur to facilitate his movement from the United Kingdom to America.

During press time, the businessman is in America, where he was arraigned. Interestingly, during the arraignment hearing, the co-founder pled ‘no guilty’ for charges against him, such as failure to put up adequate anti-money laundering measures and the conspiracy to violate the Bank Secrecy Act.

October’s indictment led to a dispersed group

Delo paid around $20 million in bond, and sources shared that the court permitted him to return to his home country while awaiting his trial. Although the entrepreneur’s arrest brought many controversies, he wasn’t the first to be accused of aiding the violation of anti-money regulations.

Another executive within the business, Samuel Reed, was accused of the same charges around late October. The CTO has since then been released on bail. While Delo and Reed have been arrested and prosecuted, other business executives have seen similar arrangements.

The firm’s chief executive, Arthur Hayes, has also been talking about a voluntary surrender. The entrepreneur is presently in Singapore, where he had traveled to since last year’s indictment. One of US attorneys, Jessica Greenwood, had explained that there is a possibility that Hayes would go to Hawaii for his voluntary surrender.

📰 Also read:  Bitcoin Xact Review – A Reliable Artificial Intelligence Crypto Trading Robot

While others are negotiating with authorities, the fourth executive, Greg Dwyer, is not having it and has refused to surrender to authorities. The group’s indictment is based on their failure to get customer data before allowing them to use their platform against US regulations.


At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.

📰 Also read:  Peirce Will Head Trump Administration’s New Crypto Task Force

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content