Former BitMex chief Gregory Dwyer pleads guilty to violating Bank Secrecy Act

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Another top cryptocurrency managerBitMex exchange Gregory Dwyer pleaded guilty to violating the Bank Secrecy Act. As part of the deal, he will have to pay a fine of $150,000.

Former Head of Business DevelopmentBitMex Gregory Dwyer pleaded guilty along with other top managers of the exchange. Recall that CEO Arthur Hayes and one of the co-founders of the exchange, Benjamin Delo, admitted their guilt on February 24, and the third co-founder of BitMex, Samuel Reed, filed a plea two weeks later.

"Today's announcement proves to us thatemployees with no less authority over the management of cryptocurrency exchanges than the founders of such exchanges cannot willfully ignore their obligations under the Bank Secrecy Act,” said prosecutor Damian Williams.

US Commodity Futures Trading Commission(CFTC) filed a lawsuit against the co-founders of BitMEX in October 2020. They were accused of illegally conducting business, as well as violating KYC and AML rules. Hayes was sentenced to two years probation, Delo received 30 months probation, and Reed faces up to five years in prison. At the same time, Reed agreed to pay a fine of $10 million, the same amount will be paid jointly by Hayes and Delo.

In May, the exchange announced that it was launching its own cryptocurrency spot trading platform, BitMEX Spot Exchange.