Benjamin Delo, one of the three Co-Founders of BitMEX, has surrendered to the United States authorities for the criminal charges brought against him for violation of the country’s Banking Secrecy Act.

He traveled from the United Kingdom to New York and was arraigned before US Magistrate Judge Sarah L. Cave on Monday for a remote proceeding. He pled not guilty and was released on a $20 million bail bond. The terms of his bail allow him to travel back to the United Kingdom.

“The charges against Ben are unfounded and represent unwarranted overreach by the US authorities,” a spokesperson for Delo told Bloomberg. “Ben intends to defend himself against the charges and clear his name in court.”

Two Surrerendered, but Two More to Go

Delo, an Oxford-trained computer scientist, built crypto derivatives exchange, BitMEX with his two fellow Co-Founders, who are also facing similar charges from the US prosecutors.

Samuel Reed was arrested by the authorities days after the charges were brought against BitMEX and its Co-Founders, and was released on a bail bond. Arthur Hayes, the former CEO and poster boy of the exchange, is still at large and currently in Singapore.

An assistant US attorney earlier told the court that the prosecutors are in talks with the legal representatives of BitMEX Co-Founders, and both Delo and Hayes are considering surrendering but on certain terms.

However, Gregory Dwyer, who was the first BitMEX employee named in the criminal lawsuit, denied voluntary surrender.

While Delo’s surrender came, there has been no update on Hayes as yet, and it is unknown how the talks between the prosecutors and his lawyers are going. Earlier, the assistant attorney revealed that Hayes wants similar conditions of continuing to stay in Singapore and remote initial hearings.