Former BitMEX business development director Greg Dwyer made a settlement with the US authorities and was found guilty of violating the Bank Secrecy Act (BSA). The Wall Street Journal writes about it.

During a court hearing on August 8, Dwyer confirmed that he does not implement an anti-money laundering program at BitMEX. As part of the settlement with the prosecution, the former top executive will pay a $150 million fine.

“Today’s announcement proves that employees who have no less authority to manage cryptocurrency exchanges than the founders of such exchanges cannot willfully ignore their obligations under the Bank Secrecy Act,” said attorney Damian Williams.

In October 2020, the US Department of Justice was charged with violating the BSA against co-founders Arthur Hayes, Ben Delo, Samuel Reid, and Dwyer.

In parallel, the exchange was sued by the Commodity Futures Trading Commission (CFTC). The regulator accused its founders of operating an unregistered trading platform and violating relevant rules. KYC/AML-procedures.

Dava and Hayes surrendered to US authorities in March and April 2021, respectively. They were released on $20 million and $10 million bail.

The exchange settled the civil suit by accepting a $100 million fine and an independent audit by the CFTC in August 2021. That same year, Dwyer, who was living in Bermuda, decided to be extradited to the United States.

In the spring of 2022, Reid was found guilty of violating the Bank Secrecy Act. The terms of the agreement with the authorities stipulated a fine of 10 million dollars.

Deal and Hayes will pay a similar amount. The latter escaped a real prison sentence, sentenced to two years of probation with six months of house arrest.

Recall that in June the Case was sentenced to 30 months of probation.

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