Hearing for former BitMEX executive set for October 2022

The legal team for BitMEX’s former development chief Greg Dwyer has persuaded a U.S. judge to delay proceedings until October 2022, The Sydney Morning Herald reports.

Attorneys argued the delay was necessary on the grounds of insufficient time to prepare for the proceedings.

U.S. District Judge John Koeltl also agreed to sever Dwyer’s case from the other three defendants.

In October 2020, the U.S. Department of Justice charged the exchange’s co-founders Arthur Hayes, Ben Delo, Samuel Reed, and Greg Dwyer with violations of the Bank Secrecy Act. Each faces up to five years in prison.

Reid was arrested in the United States; he posted a $5 million bond.

Delo surrendered to U.S. authorities in March 2021.

Hayes flew from Singapore to Hawaii in April, agreeing to the terms of voluntary surrender.

Dwyer, who resided in Bermuda, agreed to extradition in September.

Hayes, Delo and Reed will appear before the court in March.

U.S. Attorney Damian Williams of the Southern District of New York urged a joint trial for all four defendants, noting that Dwyer had been aware of the case since the indictment.

However, Judge Koeltl noted that the lawyers for the former BitMEX development chief had not participated in the proceedings until recently.

“He will have substantially less time to prepare for trial than the other defendants. The lack of time will hamper preparation for this complex case,” ruled the judge.

The civil action brought by the CFTC has been settled, with a $100 million penalty and an independent audit.