One of the co-founders of the Seychelles-based derivatives trading platform BitMEX voluntarily surrendered to U.S. authorities to face charges relating to the violation of the Bank Secrecy Act.
BitMEX co-founder Ben Delo surrendered to New York authorities to face charges pressed against him.
Delo has been a fugitive from the U.S. but traveled to New York for his surrender. He pleaded not guilty and was later released on a $20 million bail.
Delo released on bail
According to court documents, Delo appeared remotely before Magistrate Judge Sarah L. Cave and made bail.
Per the bail conditions, Delo keeps his passport and will be allowed to travel back to the UK until his next court appearance.
Cryptonary reported early this month that Delo was willing to surrender. At the time, Delo appeared to be holed up in a country with strict travel restrictions and needed help to enter the U.S.
“We are working with the FBI and Border Patrol to obtain immigration authorization for him to be permitted to come here,” said U.S. Assistant Attorney in Manhattan, Jessica Greenwood referring to Delo.
Delo and his co-founders are accused by the U.S. Department of Justice (DoJ) of failing to implement adequate anti-money laundering (AML) and KYC procedures.
BitMEX co-founders indicted for violating the Bank Secrecy Act
Delo, alongside co-founders Arthur Hayes and Samuel Reed, and the exchange’s first employee, Gregory Dwyer, were charged with flouting AML and KYC rules.
According to the prosecuting team, the defendants willfully aided the violation of the Bank Secrecy Act. Reed was arrested in Massachusetts following the indictment and was released on bail. However, the other defendants are still on the run, with a possibility of voluntary surrender.
Hayes to surrender
Hayes, who was the face of the exchange until the case unfolded, will voluntarily surrender to U.S. authorities on April 6 in Hawaii as per the previous reports. Hayes will be released on a $10 million bail co-signed by his mother, pending the court’s approval.
Just like Delo, Hayes will retain his passport and will be able to reside in Singapore and be allowed to travel to New York.
Hayes is currently based in Singapore and managed to keep a low profile until he wrote a blog post about the Gamestop drama.
Another wanted person, Dwyer, has taken residence in Bermuda. He has not shown any indication of surrendering any time soon.
Hayes and Delo have also been charged with violating U.S. sanctions against Iran and if found guilty, they could serve up to 20 years behind bars.
This article has been updated to include Hayes’ surrender conditions.