Gregory Dwyer faces charges of operating an unregistered trading firm

  • BitMEX former employee agreed to extradited from Bermuda to the United to defend himself
  • Gregory Dwyer claims to be innocent and seeks to defend himself in court against all charges
  • Dwyer was charged with operating an unregistered trading platform and violating several regulations
  • BitMEX agreed to pay a civil money penalty of $100 million

BitMEX is a Peer-to-Peer crypto assets trading platform. The former Head of Business Development at the cryptocurrency derivatives trading platform, Gregory Dwyer, was accused of operating an unregistered crypto trading platform. On Wednesday, it is known that Dwyer agreed to be extradited from Bermuda to the United States. Indeed, now he will be charged for allegations related to its unregistered trading platform and violation of multiple regulations. Following his decision, the extradition request must now be approved by Bermuda’s Governor.

Dwyer is innocent-looking forward to defending himself

Bermuda’s Magistrates’ Court first heard an earlier couple of months before. The district court for the Southern District of New York had solicited the former BitMEX employee to be extradited to the United States. However, according to a local news outlet, Dwyer’s attorney requested an extradition hearing on behalf of his client. Notably, Magistrate Khamisi Tokunbo has decided to extend his $20k bail. Prior to the extension decision, Dwyer, who is an Australian citizen, was asked to hand over his passport and not to leave Bermuda.

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According to a spokesperson for the BitMEX ex-employee, he is innocent and seeks to defend himself in court against all charges. Hence, his voluntary appearance of agreeing to the extradition is the first step. Following such a decision, the extradition must now be approved by Bermuda’s Governor Rena Lalgie.

What do BitMEX employees are accused of violating regulations?

Last year in October, United States prosecutors documented criminal charges accusing four of BitMEX’s platform’s founders and executives. The ones operating the exchange were charged with avoiding money laundering rules. Simultaneously, they were also charged with operating an unregistered trading platform and violating several regulations. Such constraints include the Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act.

Notably, each of the charges brings an utmost retribution of five years in prison. Arthur Hayes, Samuel Reed, and Benjamin Delo were other defendants indicted. 

Civil money penalty will be paid by the trading platform

Last month, BitMEX resolved its row with the US regulators. The trading platform reached a settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). Notably, after the settlement here firm agreed to pay a civil money penalty of $100 million.

Source: Gregory Dwyer faces charges of operating an unregistered trading firm

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