In New York a BitMEX executive surrenders, pleads not guilty

Ben Delo, a co-founder and co-owner of BitMEX, the troubled crypto derivatives exchange, has surrendered to US authorities in New York.

Delo arraigned remotely before US Magistrate Judge Sarah L. Cave during a proceeding on March 15, according to Bloomberg. He entered a not guilty plea to all charges and released on a $20 million bail bond.

He allowed to return to the United Kingdom and await trial under the terms of his bail.

Delo’s surrender was part of a February agreement reached with US authorities. Despite being subject to a travel ban imposed by UK authorities. The terms worked out with the FBI and the US Border Patrol to allow Delo entry into the US. Delo’s spokesperson, Rachel Miller, said:

“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.”

Delo and fellow BitMEX executives Arthur Hayes, Samuel Reed, and Greg Dwyer are accused of operating an unregistered trading platform and providing unlicensed services to US citizens, in violation of US anti-money laundering laws.

Following the arrest of ex-CTO Samuel Reed in October 2020, Delo is the second BitMEX executive to face the authorities. Reed was released the same month after posting a $5 million bond. And agreeing to follow the court’s orders.

Arthur Hayes, the exchange’s former CEO, is currently in Singapore. But is working with authorities to surrender in Hawaii on April 6.

U.S. attorney Jessica Greenwood noted in transcripts from a court teleconference on February 16 that fellow co-owner. And Bermuda-based Greg Dwyer has declined to surrender. Extradition proceedings have been started to return Dwyer to the United States to face the charges.