According to a news release by the U.S. Department of Justice on August 8, BitMEX executive Gregory Dwyer has admitted guilt to breaking the Bank Secrecy Act. The failure of BitMEX to construct and operate an AML program, including a program for confirming the identity of BitMEX’s customers, was wilfully caused by Dywer, the company’s head of business development. The Southern District of New York is where the case is being handled. Dwyer admitted guilt to one count of breaking the Bank Secrecy Act, carrying a maximum sentence of five years in jail. In addition, he has agreed to pay $150,000 to settle claims of profit from his deeds. Part of Investigation Into BitMEX This case is part of BitMEX’s investigation by U.S. authorities. Arthur Hayes, Benjamin Delo, and Samuel Reed, three of the company’s founders, have all admitted guilt to the same offense. Damian Williams, the U.S. Attorney, commented on the most recent development. The American government has strictly enforced AML and KYC regulations. One of the first and most important cases against a cryptocurrency corporation was the one against BitMEX. Since then, the derivatives exchange has adopted an aggressive approach to compliance. $100 Million Punishment BitMEX paid a $100 million punishment to resolve CFTC and FinCEN charges last year. The two organizations shared the fine evenly. Authorities hope that these convictions will send a clear message to cryptocurrency ente...
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