The BitMEX CEO Gregory Dwyer Lawsuit Has Been Postponed Until October 2022

Gregory Dwyer’s trial has been postponed until October 2022 owing to his extradition from Bermuda to the United States.

Dwyer is the head of business development at BitMEX, and his trial has been put off until October 2022 because he has been extradited from Bermuda to the United States.

The Bank Secrecy Act, illegally doing business in the United States, and not following KYC and AML rules were all charges against BitMEX CEO Arthur Hayes, exchange CTO Samuel Reed, and BitMEX co-founder Benjamin Delo.

BitMEX announced a settlement with the United States Commodity Futures Trading Commission (CFTC) and the United States Financial Crimes Enforcement Network (FinCEN) in August, agreeing to pay $110 million in fines. Prosecutors believe that Dwyer had significant influence over the exchange and was aware of BitMEX’s illicit behavior.

Hayes, Delo, and Reed were arrested in March and face up to five years in jail if found guilty. The trial of the former BitMEX executives is set for March 2022. Regarding Dwyer, US District Judge John Koeltl granted his attorneys’ request to postpone the hearing until October.

Damian Lewis, United States Attorney for the Southern District of New York, challenged the court postponement. Dwyer said that he was aware of the CFTC’s investigation into BitMEX dating back to April 2019. The prosecution thinks that if Dwyer had surrendered to US authorities sooner, he would have had the same amount of time to prepare for the trial, but he did not.

Lewis said that Dwyer would receive an unfair benefit from the trial of the three BitMEX executives because he would be aware of the evidence the prosecutor’s office intends to use against him. Despite the prosecutor’s arguments, the court upheld the judge’s protest dismissal.

Recently, BitMEX has announced intentions to issue 450 million BMEX tokens, which would let holders benefit from lower trading fees and more profits from the exchange’s goods. As a result of the exchange’s troubles with authorities, this move is likely to bring in new users.

Read Also: Sberbank Launched A Blockchain-Focused Exchange-Traded Fund

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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