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BitMEX charged for money laundering by US authorities

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Crypto Business World

CBW -External Analyst

Oct, 12 2020

Oct, 12 2020

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Recently authorities in the US have recorded criminal allegations reproaching BitMEX founders and officials. BitMEX is one of the largest crypto derivatives platforms dealing in the world in security token investment which has been charged by authorities of dodging rules crafted to prevent money laundering. The trio of Benjamin Delo, Samuel Reed and Arthur Hayesjointlystarted BitMEX in 2014 and all are charged by the Department of Justice along with Gregory Dwyer head of business development for breaching the federal Bank Secrecy Act and plotting to infringe the law.


Samuel Reed is the CTO while Arthur Hayes is CEO of BitMEX.Another civil lawsuit was filed by the Commodity Futures Trading Commission against the commodity derivatives of BitMEX’s. BitMEX is a short form that stands for Bitcoin Mercantile Exchange.A spokesperson of HDR Global Trading Ltd, BitMEX’s parent company stated disagreement with the US authorities’ cumbersome the decision to levy these charges further the company plans to slam the accusations overwhelmingly. Dwyer will challenge the charges alleged by the authorities. An arraignment documented in Manhattan government court said the litigants mocked their commitment to employ an anti-money laundering (AML) program with a KYCprerequisite, which was known to be necessary since BitMEXcatered to US clients for trading in token asset offering.


The means of the alleged involved establishingBitMEX in Seychelles owing to its apparently fewer stern protocols.BitMEX CEO in the past boasted that it takes just a coconut to entice authorities as compared to the US.AllegedlyBitMEXactedas a vehicle for infringing laws and money laundering. Claims were made that the laundering was a part of proceeds from security tokens offering hack.FBI Assistant Director took a shot at the alleged by saying that the defendants shall shortly understand that the cost of such crime would come at a higher price than tropical fruit. 


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Crypto Business World

CBW - External Analyst

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