One of the co-founders of bitcoin derivatives exchange BitMEX, Benjamin Delo, has surrendered to US authorities yesterday. Delo and other co-founders of BitMEX, namely Arthur Hayes (CEO) and Samuel Reed (CTO), were charged with violating the Bank Secrecy Act and with conspiracy to violate the Bank Secrecy Act by the CFTC and Department of Justice in October 2020.
According to the Bank Secrecy Act, financial firms need to offer information to regulators for any transaction that exceeds $10,000 so as not to be used for money laundering or tax evasion. Delo and the other defendants are accused of violating anti-money laundering policies and of not implementing KYC programs.
Delo has British citizenship. He flew from the UK to New York where he made a remote appearance before Magistrate Judge Sarah L. Cave. He pleaded not guilty to all charges and was released on a $20 million bail bond. He is allowed to return to the UK as he is waiting for the trial.
Delo’s spokesman declared: “The charges against Ben are unfounded and represent unwarranted overreach by the U.S. authorities. Ben intends to defend himself against the charges and clear his name in court.”