Cryptocurrency A senior employee of derivatives commodity exchange BitMEX was sentenced to 12 months’ probation in federal court in Manhattan on Wednesday after being found guilty of violating US anti-money laundering rules.
Top Employee of Cryptocurrency Exchange BitMEX Suspended
Gregory Dwyer, 39, an Australian citizen, bitcoin He was one of the stock exchange’s first employees and was once head of business development.
US prosecutors alleged that Dwyer and the exchange’s founders failed to implement anti-money laundering and know-your-customer programs as required by US law.
He pleaded guilty to violating the Bank Secrecy Act in August. As part of the confession agreement, Dwyer also agreed to pay a $150,000 fine.
Dwyer’s representative said:
“The government’s heavy-handed approach to Dwyer’s trial is regrettable and Dwyer is relieved to have put this matter behind him and looks forward to moving on with his life, both personally and professionally.”
A spokesperson for the Southern District of New York, which filed the charges, confirmed the sentence.
According to court documents, Dwyer’s lawyers submitted a memorandum in October asking the judge to limit the sentence to a fine.
Lawyers argued that Dwyer, who joined BitMEX in 2015 as a full-time employee, had never played a compliance, legal or regulatory role in his previous jobs as a derivatives trader and financial services advisor at BitMEX or Deutsche Bank AG.
BitMEX announced its withdrawal from the US market in 2015, but prosecutors said only minimal and ineffective efforts were made to prevent US-based customers from signing up for BitMEX.
BitMEX agreed to pay $100 million last year to settle the regulatory case, without accepting or denying the allegations. Three of the company’s founding partners were sentenced to parole or house arrest for varying periods of time last year.
*Not investment advice.
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