HomeCryptoFormer BitMEX Executive Agrees to be Extradited Back to the US as...

Former BitMEX Executive Agrees to be Extradited Back to the US as Trial Drags on

Former BitMEX Derivatives Exchange govt Gregory Dwyer has agreed to be extradited from Bermuda again to the United States of America,whereas the authorized tussle indicting three different executives lingers on.

As reported by the Royal Gazette, the extradition course of continues to be awaiting approval by governor Rena Lalgie.

The American authorities accused Gregory of being complicit in working the BitMEX trade with out adequately registering it with the correct authorities. The Australian govt was additionally formally charged on October 1 in violation of the US Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act. 

Former CEO Arthur Hayes surrendered to US authorities for the prosecution earlier in the 12 months. Alongside Hayes, Benjamin Delo and Samuel Reed, the different events indicted, had appeared in court docket since the case began, leaving Gregory as the excellent man. The different three executives had been granted bail in various sums as the case drags on. Despite his absence from the court docket, Gregory’s spokesman famous that the Australian cooperated with the authorities.

“Mr. Dwyer continues to work with the government to ensure a smooth process for his appearance in New York and has every intention of defending himself against these meritless charges,” the spokesman famous.

Should Gregory Dwyer be discovered responsible of the fees, he and his colleagues may bag up to 5 years in jail. While this may occasionally be the worst-case situation, the case could find yourself with settlements paid to the related authorities simply as the mom trade did when it agreed to pay $100 million in settlement to the Commodity Futures Trading Commission (CFTC) again in August.

The ongoing case highlights the steady clampdown on cryptocurrency-related entities in the US. While the BitMEX case concerned the CFTC, blockchain funds agency, Ripple Labs Inc, battling a authorized subject with the Securities and Exchange Commission (SEC) since the agency was accused of promoting unregistered XRP securities. These and extra instances have pushed stakeholders in the crypto ecosystem to nudge the related authorities to present the correct oversight for the business.

Image supply: Shutterstock



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