One of the founders of the cryptocurrency derivatives exchange BitMEX surrendered to U.S. authorities to face charges of violating the Bank Secrecy Act on Monday.

Ben Delo traveled from the U.K. to the U.S. and appeared before Magistrate Judge Sarah L. Cave in a remote proceeding where he pleaded not guilty, according to public court records.

He was subsequently released on a $20 million bail bond, on Monday, with a status conference set for May, according to court records. Bloomberg further reported that Delo will be allowed to return to the U.K. under the terms of his bail.

Delo, with BitMEX co-founders Arthur Hayes and Samuel Reed, were charged with violating the BSA and conspiracy to violate the BSA last October by the U.S. Department of Justice and Commodity Futures Trading Commission.

BitMEX’s first employee, Gregory Dwyer, was also charged.

Under the BSA, financial institutions are required to provide documentation to regulators with transactions above $10,000. Its stated purpose is to prevent criminals from laundering large sums of cash at banks and elsewhere.

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

See also: BitMEX Founder Arthur Hayes May Surrender to US Law Enforcement Next Month

Earlier this month, Jessica Greenwood, an assistant U.S. attorney for the Southern District of New York, said she had been in talks with Hayes’ lawyers. Court documents show Greenwood claimed to “have discussed with counsel how to arrange for a voluntary surrender” for Hayes and for an agreement to appear remotely or come to New York “as needed.”

Reed was arrested last year and subsequently released on bond. Meanwhile, Dwyer remains at large.

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