According to a document published online, cryptocurrency derivative and exchange platform BitMEX's co-founder and former CEO Arthur Hayes is set to surrender to the US authorities as early as next month.

In a faxed document sent to Southern District Court of New York's Judge John G. Koeltl on Tuesday, Hayes' legal representatives informed the court that the defendant would turn himself in for questioning on a proposed bail worth $10 million.

Hayes would make the trip to Hawaii on April 6 from his home in Singapore, and the local FBI office would transport him to the courthouse in Honolulu for trial. The bail, a personal recognizance bond, would see Hayes released the same day without upfront deposits or collateral for his release.

Hayes would pay a $10 million bond secured with $1 million in cash, and his release papers must be co-signed by his mother, Mary Hayes. The proposal, which is still subject to the court's approval, must be redeemed by his mother within 10 days, and Hayes must pay the $1 million bail within 5 days.

Other conditions stipulated in the proposal are that Hayes would retain possession of a passport to travel between Singapore and the United States, his continued stay in Singapore with access to New York following pre-approval, and a waiver of extradition to be executed by Hayes in a form mutually agreed to by the government and the defendant.

After his appearance in Hawaii, Hayes would stay in the Palm State for a quarantine period to observe covid-19 protocols before returning home. He has, however, promised to make himself available upon summons by the court in New York.

Arthur Hayes is part of a three-person defense team facing the rap for what the Commodity Futures Trading Commission (CFTC) says is a violation of the US Bank Secrecy Act (BSA). Along with co-founders Samuel Reed and Ben Delo, Hayes was indicted in October by the CFTC for operating BitMEX without proper registration of the exchange and violating other CFTC rules.

The Department of Justice also brought a similar case against the three co-founders and a former employee Greg Dwyer for violating the BSA rules.

In a statement, US authorities said the crypto platform tried to evade laid-down regulations and sold unregulated securities worth $11 billion to US investors without registering with proper authorities. According to the regulatory agency, BitMEX made $1 billion in fees and did not comply with the expected know your customer (KYC) protocol during the period.

Delo has since surrendered and has been slammed with a $20 million bail upon his release. Reed was arrested in October and secured his release after meeting his $5 million bail requirements. According to authorities, Dwyer is still at large, and the authorities are preparing extradition protocols against him. All the accused no longer hold positions at BitMEX.

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