Former BitMEX executive pleads guilty to violating anti-money laundering laws

The former executive of BitMEX, Gregory Dwyer, pleaded guilty to violating the Bank Secrecy Act, according to the U.S. Attorney for the Southern District of New York.

Dwyer, who was one of the first employees of the BitMEX, admitted that the exchange failed to establish, implement and maintain an anti-money laundering AML program. The US Attorney, Damian Williams, said Dwyer pleaded guilty today, which means that the government can get judgments against four key executives of BitMEX, including the three co-founders, for deliberately violating anti-money laundering laws. Williams said something.

The FinCEN, DOJ, and CFTC filed croak and civil actions against the company in 2020, which was previously the case of BitMEX. It does not have a license to operate in the country and has poor KYC standards.

The charges resulted in the company paying a $100 million fine and the co-founders and executives leaving the firm's operations.

Samuel Reed, Benjamin Delo and Arthur Hayes are the three founders who have already pleaded guilty. The three took plea agreements with the government for reduced sentences and fines.

Dwyer appeared to have towed the same line. He agreed to pay $150,000 a fine, which represents the gains he made from the violation.

Judge John G. Koeltl will decide the sentencing, who also sentenced the three co-founders. The maximum sentence for the offense is five years, but many expect Dwyer to get a lighter sentence.

The government ssistence on bringing everyone involved in the BitMEX case to justice sends a warning to the whole industry.

SEC Commissioner Hester Pierce, popularly known asCrypto Mom, said in 2020 that the arrest of BitMEX executives is a message that sounded and clear on the AML KYC front for the industry.