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Bitmex Cofounder Ben Delo Surrenders to US Authorities— Arthur Hayes to Follow in April

Legal issues with crypto exchange Bitmex’s cofounders still make the headlines. Benjamin Delo surrendered to the U.S. authorities, and Arthur Hayes agreed to make the same maneuver in April.
Delo Released on a $20M Bail Bond
According to Bloomberg, Bitmex’s cofounder Benjamin Delo traveled from the U.K. to the United States and pleaded not guilty before U.S. Magistrate Judge Sarah L. Cave. However, he was later released after posting a $20 million bail bond.
Per the release terms, Delo was allowed by the judge to return to the United Kingdom. Still, he is set to face a court status conference scheduled for May.
Along with Arthur Hayes and Samuel Reed, Delo co-founded the crypto-derivatives exchange, but they were accused in October 2020 of violating the Bank Secrecy Act (BSA). The accusation was filed by the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice.
The BSA requires financial institutions to provide documentations with transactions above the $10,000 threshold. The purpose of such a measure is to prevent money laundering through the banking system.
Moreover, Gregory Dwyer, one of the first employees of the crypto exchange, was also charged amid Bitmex’s legal tussle with the U.S. authorities. He remains at large as of press time.
A spokesperson for Delo told Bloomberg:
The charges are unfounded and an overreach by U.S. authorities and Delo intends to defend himself against the charges and clear his name in court.

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