Cryptocurrency trading and derivatives exchange BitMEX has been treading the troubled waters for the past several months and hence has been laying low. In the recent development, one of its co-founders, Ben Delo has been now released on a bail bond of $20 million after pleading not guilty to all charges.
The Co-owner of the platform had surrendered to US prosecutors on the 15th of March for the criminal charges brought against him for violation of the country’s Banking Secrecy Act by the US Department of Justice and the Commodity Futures Trading Commission [CFTC]. According to Bloomberg, Delo was reportedly arraigned remotely before Magistrate Judge Sarah L. Cave during a proceeding on the same day.
The terms of the bail bond will allow the Oxford-educated computer scientist to return to UK after being subjected to a travel ban to the country.
Rachel Miller, a spokesperson for BitMEX’s exec, was quoted saying
“The charges against Ben are unfounded and represent unwarranted overreach by the U.S. authorities, Ben intends to defend himself against the charges and clear his name in court.”
Apart from Delo, there are two other co-founders, who help build BitMEX, and are facing similar charges from the US authorities.
Where Are BitMEX’s Other Three Execs?
Just days after BitMEX was charged for allegedly flouting banking laws while serving customers of the country, its CTO, Samuel Reed was arrested by the authorities in Massachusetts before releasing on a bail bond. Also, the former CEO of the derivatives platform, Arthur Hayes, was, still at large and currently residing in Singapore.
While he is expected to stay there, however, it was reported that he would appear for proceedings in Hawaii, US should the trial go to court.
This news comes a week after BitMEX’s fugitive executives Arthur Hayes and Ben Delo were reported to be negotiating a surrender with the country’s authorities. The US attorney Jessica Greenwood had previously revealed that Delo had intended to surrender in New York by the end of the month.
This was according to transcripts obtained from a court teleconference back in February in which the attorney had also revealed that Greg Dwyer, BitMEX’s fourth exec and Head of Business Development, Greg Dwyer had declined to surrender. Extradition proceedings were initiated following this to bring him back from Bermuda.