On March 27, 2025, President Donald Trump granted clemency to the co-founders of Bitmex, Arthur Hayes, Benjamin Delo, and Samuel Reed. This action overturned their 2022 convictions for not taking adequate measures to prevent money laundering on their cryptocurrency platform.
Presidential Pardon Wipes Bitmex Founders’ Money Laundering Charge
bitcoin.com/bitmex-founder-arthur-hayes-advises-to-go-long-on-bitcoin-as-g7-central-banks-may-slash-rates/”>Bitmex, a Seychelles-based crypto derivatives exchange launched in 2014, faced U.S. legal scrutiny in 2020 when prosecutors accused its founders of violating the Bank Secrecy Act. Authorities alleged that the platform operated without adequate anti-money laundering (AML) protocols, enabling anonymous trading that could facilitate illicit finance.
In 2022, following Donald Trump’s initial term, the founders admitted guilt for intentionally disregarding Anti-Money Laundering (AML) regulations. Hayes and Delo were given probation and fined six-figure amounts, while Reed accepted similar terms. Gregory Dwyer, another executive, was convicted but was not part of Trump’s pardon.
The pardons, issued during Trump’s second term, eliminate the trio’s criminal records but do not reverse fines. No official explanation was provided, though the move aligns with Trump’s recent pro-crypto stance, including meetings with industry leaders and prior pardons for figures like Silk Road’s Ross Ulbricht. The pardon wave has also sparked speculation that Roger Ver—currently battling extradition to the U.S. over alleged tax violations—might benefit from a similar pardon
There has been no public response from Hayes, Delo, and Reed regarding the matter. The timing of these pardons, issued just a day prior to Trump’s rumored policy declarations, has sparked discussion about potential effects on cryptocurrency regulations and the standards for presidential clemency.
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2025-03-29 00:01