{"id":58644,"date":"2022-03-10T11:42:22","date_gmt":"2022-03-10T09:42:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58644"},"modified":"2025-09-04T17:48:06","modified_gmt":"2025-09-04T14:48:06","slug":"bitmex-co-founder-pleads-guilty-to-bank-secrecy-act-violations","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitmex-co-founder-pleads-guilty-to-bank-secrecy-act-violations\/","title":{"rendered":"BitMEX co-founder pleads guilty to Bank Secrecy Act violations"},"content":{"rendered":"

The BitMEX co-founder and former chief technology officer Samuel Reed struck a deal with U.S. authorities and pleaded guilty to Bank Secrecy Act violations (BSA). The Department of Justice said<\/a>.<\/p>\n

\n

“Reid joined BitMEX’s other co-founders \u2014 Arthur Hayes and Benjamin Delo \u2014 in admitting that the company willfully violated the anti-money-laundering requirements to which U.S. financial institutions must comply,” said prosecutor Damian Williams.<\/p>\n<\/blockquote>\n

Under the terms of the agreement with authorities, Reed will pay a $10 million fine \u2014 the amount the Justice Department valued as the illicit proceeds. The maximum penalty for violating the BSA is up to five years in prison.<\/p>\n

In October 2020, the U.S. Department of Justice charged with violating the BSA<\/a> the co-founders of the exchange Arthur Hayes, Ben Delo, Samuel Reed, and Greg Dwyer.<\/p>\n

Separately from the Justice Department’s charges, the civil action against the exchange and affiliated entities was filed by the CFTC<\/span>. The defendants were Hayes, Reed and Delo.<\/p>\n

Reed was arrested in the United States, and he was released on a $5 million bail<\/a>.<\/p>\n

Based in the United Kingdom, Delo surrendered to U.S. authorities<\/a> in March 2021. Hayes flew from Singapore to Hawaii<\/a> in April, after agreeing to the terms<\/a> of voluntary surrender.<\/p>\n

The court also released both on bail. The bail for Hayes was $10 million, and for Delo it was $20 million.<\/p>\n

Dwyer, who was living on the Bermuda Islands, agreed to extradition in September<\/a>. At the end of 2021, his lawyers convinced the court to postpone the proceedings<\/a> to October 2022 due to insufficient time to prepare for the trial.<\/p>\n

The CFTC civil action against the exchange was settled, with a $100 million fine and an independent audit.<\/p>\n

In February 2022, Hayes and Delo pleaded guilty to BSA violations. They agreed to pay $10 million in fines each.<\/p>\n","protected":false},"excerpt":{"rendered":"

The BitMEX co-founder and former chief technology officer Samuel Reed struck a deal with U.S. authorities and pleaded guilty to Bank Secrecy Act violations.<\/p>\n","protected":false},"author":1,"featured_media":58645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[788,1162,26],"class_list":["post-58644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitmex","tag-court-cases","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=58644"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58644\/revisions"}],"predecessor-version":[{"id":58646,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/58644\/revisions\/58646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/58645"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=58644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=58644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=58644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}