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Ben Delo, one of the founders of BitMex, has appeared in court in the US to face charges of breaking the Bank Secrecy Act

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Another founder, Arthur Hayes, is likely to turn himself in to US law enforcement next month and enter a plea.

Ben DeLo, a founder of cryptocurrency derivatives trading platform BitMex, turned himself in to US authorities on March 15 to face charges under the Bank Secrecy Act, according to Blockbeats.

Ben Delo, who traveled to the United States from Britain, pleaded not guilty in a remote proceeding before Magistrate Judge Sarah L. Cave, according to public court records.

He was released Monday on $20 million bail and is scheduled for a status conference in May, according to court records. Bloomberg further reports that under the terms of his bail, Delo will be allowed to return to the UK.

Last October, Delo, along with BitMex co-founders Arthur Hayes and Samuel Reed, was charged by the U.S. Department of Justice and the Commodity Futures Trading Commission with violating the BSA and conspiring to violate the BSA. BitMEX's first employee, Gregory Dwyer, was also indicted.

According to the BSA, financial institutions must provide documents to regulators for transactions of more than $10,000. The aim is to prevent criminals from laundering money in banks and elsewhere.

Rachel Miller, a spokeswoman for Delo, told Bloomberg: "The charges against Delo are baseless and represent unfounded overreach by U.S. authorities. He intends to defend himself and clear his name in court." BitMex founder Arthur Hayes is likely to turn himself in to US law enforcement next month, it has been previously reported.