United Kingdom: Britain’s youngest billionaire and Bitcoin exchange co-founder charged over money laundering in US

Britain’s youngest self-made billionaire and Bitcoin exchange founder has been charged in the US with wilfully failing to prevent money laundering.

Oxford graduate Ben Delo, 36, is accused along with three other co-founders of BitMEX of conspiring to violate the Bank Secrecy Act, according to an indictment lodged with the Southern District of New York on Thursday.

Mr Delo, Arthur Hayes and Samuel Reed, who jointly founded the cryptocurrency derivatives trading platform in 2014, were required to register with the Commodity Futures Trading Commission and establish an anti-money laundering program but “chose to flout those requirements”, US prosecutors allege.

While knowing of BitMEX’s obligation to implement anti-money laundering programs because they were serving US customers, the founders formally incorporated the company in Seychelles – a jurisdiction they believed had less stringent regulations.

The original full article can be found at telegraph.co.uk

 

 

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top