President Donald Trump has issued a pardon to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed by clearing their legal records. This decision also extends to the former crypto exchange employee Gregory Dwyer. The group had previously buy themself in by pleading guilty in 2022 to violating the Bank Secrecy Act for inadequate anti-money laundering measures through crypto.
This BitMEX pardon is another big moment for the crypto industry, displaying Trump with his growing support for Web3.
The co-founders faced charges in 2020 for failing to implement proper know-your-customer or KYC and anti-money laundering protocols, resulting in fines and probation sentences.
BREAKING: President Donald Trump just granted pardons to three co-founders of the BitMEX cryptocurrency exchange.
The co-founders, Arthur Hayes, Benjamin Delo and Samuel Reed, previously pled guilty to a range of federal criminal charges related to money laundering
— unusual_whales (@unusual_whales) March 28, 2025
The Case of BitMex and The Power of Donald Trump Pardon
The BitMEX co-founders built the exchange in 2014, making it a pioneer in crypto derivatives trading with high-leverage options. By 2021, BitMEX settled with US authorities for $100 million over compliance failures. Consequently, Hayes, Delo, and Reed each paid $10 million in fines, while Dwyer faced similar penalties. The pardons erase these consequences, allowing them unrestricted re-entry into the industry.
Hayes has publicly thanked Trump, highlighting the perceived injustice of the original charges. Delo also agrees with this, calling the prosecution an overreach via an outdated law. Eventually, their statements show that regulatory frameworks lag behind crypto innovation.
PARDONED. We are blessed to live in these crypto friendly times.
Thank you @POTUS pic.twitter.com/GRH7UXcC7i
— BitMEX (@BitMEX) March 28, 2025
By this BitMEX pardon, Trump also shows his support to the crypto industry once again following his earlier pardon of Silk Road founder Ross Ulbricht. Crypto industry observers see this as a potential for deregulation, bumping buy confidence in crypto through exchanges.
The BitMEX co-founders pardon will likely influence the crypto market. BitMEX’s renewed legitimacy will drive interest in its crypto offerings. This event will encourage other platforms to push boundaries, anticipating softer oversight.
As Trump deepens ties with the crypto industry through ventures like World Liberty Financial, the pardons might set a precedent for handling past crypto convictions, reshaping how exchanges operate under his administration. It will lead to increased crypto buy confidence among the masses.
Meanwhile, BitMEX, despite these legal troubles, continues to generate substantial trading volume, showing its strong market presence.
(source)
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Begin. $MIND pic.twitter.com/9HTbfkMzLI
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Key Takeaways
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