The legal team backing up BitMEX’s employee Greg Dwyer has managed to buy him 7 more months than his co-defendants before he faces his trial against the U.S. authorities. They claimed he had lesser time compared to his co-defendants to prepare for proceedings as he was facing extradition in Bermuda.
Back in October 2020, the Dwyer was accused of breaching federal anti-money laundering laws by the U.S. Department of Justice, alongside the exchange’s co-founders as well, including Ben Delo, Sam Reed, and Arthur Hayes.
Some of the charges they faced included them accepting counterfeit passports from Iranian clients during a time where Iran was subject to U.S. Sanctions, as well as granting gangs permission to launder money via BitMEX.
District Judge John Koetl is presiding over this case and has agreed to sever Dwyer’s trial from that of his co-defendants. Now, Dwyer has until October to prepare for his proceedings, while the others must face trial in March.
In 2019, Dwyer moved to Bermuda to work in BitMEX’s offices, and throughout most of the year, he stayed there until the District Court for the Southern District of New York made a request for his extradition.
Following this, he voluntarily decided to have an extradition hearing. He was released on a $20,000 bail by Magistrate Khamisi Tokunbo, and also had his passport confiscated. On top of that, he was ordered not to leave Bermuda until his hearing in August was adjourned.
Once he unsuccessfully fought his extradition, Dwyer found himself back on U.S. soil once again in November.
All 4 defendants have pleaded “not guilty” but stand to face 4 years of imprisonment should the courts decide otherwise.
It seems like, despite the escalation of this dire situation, everything down at BitMEX is business as usual. The crypto exchange has continued running its operations, including but not limited to even launching its own cryptocurrency, titled BMEX.
The BMEX token saw its launch just last week and allows users to take pleasure in trading rebates, which are better rates for the exchange’s Earn product, as well as access to BitMEX’s trading academy on top of all that, not to mention other perks.
Furthermore, BitMEX has also allegedly achieved carbon neutrality via its offsetting program. Here, $0.0026 for every $1 which is raised in clients’ blockchain fees sees itself donated towards the project that reduces carbon emissions.