U.S. President Donald Trump has decided to pardon three co-founders of the cryptocurrency exchange BitMEX: Arthur Hayes, Benjamin Delo, and Samuel Reed, as well as former top executive Gregory Dwyer. All of them had previously pleaded guilty to violating the Bank Secrecy Act and paid fines.
This is reported by Finway
According to information released by CNBC, prosecutors accused the entrepreneurs of involvement in money laundering and other offenses. The court sentenced them to probation and imposed fines totaling $30 million. In January 2025, BitMEX agreed to pay U.S. regulators an additional $100 million in fines.
Reaction to the Pardon
No official reasons for the pardon have been disclosed yet. However, Benjamin Delo described the decision as a “correction of a legal error” and noted that the criminal prosecution had a political undertone.
Further Legal Consequences
In addition to criminal charges, BitMEX also faced a civil lawsuit from the Commodity Futures Trading Commission (CFTC). The regulator claimed that the exchange violated KYC and AML rules, allowing users to circumvent sanctions. While the pardon does not nullify civil penalties, this decision may set a precedent for others who have faced criminal prosecution related to cryptocurrencies.
According to recent reports, the management of BitMEX has put the platform up for sale, engaging investment bank Broadhaven Capital Partners to assist with the process. It has also been revealed that the U.S. Securities and Exchange Commission (SEC) has officially closed cases against Kraken, Consensys, and Cumberland DRW.