The former executives of leading bitcoin derivatives platform BitMEX are set to have their day in court.
Former CEO Arthur Hayes, cofounder Benjamin Delo and former CTO Smauel Reed are facing a money laundering trial that is now slated to begin on March 28, 2022 — 18 months after authorities first publicly accused them of wrongdoing.
Per a previous Bitcoin Magazine report, Hayes turned himself in to the authorities last month following allegations that BitMEX had violated KYC laws under his watch. And Delo turned himself in to authorities in March.
According to BeInCrypto, BitMEX is also facing other lawsuits. For instance, a lawsuit “was filed by traders Yaroslav Kolchin and Vitaly Dubinin, who claimed that it engaged in market manipulation and unregistered trading. The plaintiffs further claimed that the exchange ‘looted’ $440 million while being aware of the investigation.”
While the firm has tried to meet the demands of authorities by updating its KYC requirement and forming a surveillance partnership with Eventus Systems. But the U.S. Department of Justice claims that it “did not implement AML procedures for U.S. traders, which is one of the primary charges against it,” per BeInCrypto, will still likely be addressed in the upcoming trial of its former executives.
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