BitMEX’s Gregory Dwyer Pleads Guilty To Breaching Bank Secrecy Act, Could Face Jailtime

Updated:

The embattled former Head of Business Development at BitMEX, Gregory Dwyer, has pleaded guilty to violating the Bank Secrecy Act. The latest data was published in a press statement by the United States Department of Justice yesterday. The statement reads that Dwyer “willfully caused BitMEX to fail to establish and maintain an AML program, including a program for verifying the identity of BitMEX’s customers.”

Gregory Dwyer To Pay $150,000 And Possibly Serve Time

The former BitMEX executive pleaded guilty to breaching the Bank Secrecy Act, which could land him a five-year sentence in prison. Dwyer also agreed to pay $150,000 for profiting off his wrongdoings.

The case is being conducted in the Southern District of New York, and is part of an inquisition into the crypto exchange, which has seen founders Arthur Hayes, Benjamin Delo, and Samuel Reed plead guilty to various charges.

Commenting on the development, US Attorney Damian Williams noted:

“With this plea, this Office has now obtained criminal convictions against all three founders, as well as a high-ranking employee at BitMEX, for willful violations of anti-money laundering laws. Today’s plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot willfully disregard their obligations under the Bank Secrecy Act.”

The US government remains resolute in punishing violators of KYC and AML rules. After the inquisition, the derivatives exchange has become deliberate with regulatory compliance. In 2021, BitMEX paid a $100 million fine to the CFTC and FinCEN.

Authorities are sure the case will serve as a deterrent for crypto companies in infringing on set laws.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.