BitMEX’s Samuel Reed Released on $5 Million Bond

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


BitcoinBusiness

652168

Samuel Reed, the former Chief Technology Officer and co-founder of Bitcoin derivatives exchange BitMEX, was released after a $5 million appearance bond had been approved by U.S. courts last week, according to court documents.

Reed was required to pay a $500,000 security on the unsecured bond, the document showed.

Earlier this month, the U.S. authorities charged Reed and three others – Arthur Hayes, Benjamin Delo, and Gregory Dwyer, the BitMEX executive team – for allegedly operating an illegal cryptocurrency derivatives trading platform and failing to comply with mandatory anti-money laundering (AML) practices. 

The document showed Reed’s bond was approved on October 3rd on the condition of appearing for court proceedings when summoned and surrender to serve a sentence if convicted of the charges.

The hearing took place via video conference. Reed is being represented by lead attorney William Trach of Latham & Watkins LLP.

Reed was the only one arrested while the others remain at large. All co-founders have stepped down from their executive positions as of October 8th as BitMEX continues to operate with a new executive team.

Apart from the DoJ charges, Hayes, Delo, and Reed were also named in a parallel civil suit filed by the U.S. Commodity Futures Trading Commission (CFTC). The authority alleges, “[BitMEX] is operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures.”

If convicted of all charges, BitMEX stands to lose billions of dollars in the form of various settlements and lawsuits, according to attorney Stephen Palley.

author avatar image

Shaurya mined his first bitcoin in 2012, which spiked his interest. Working full-time in the crypto space since 2017, he holds a degree in economics and is learning how to fly planes.



[ad_2]

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close