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President Trump Pardons BitMEX Co-Founders & Ex-employee
Cryptotale Staff – March 29, 2025
Last Updated: March 29, 2025
In a surprising move, President Donald Trump has granted pardons to the co-founders and an ex-employee of the cryptocurrency derivatives exchange, BitMEX. The pardon comes as a relief for the accused individuals who had pleaded guilty to violating the Bank Secrecy Act by failing to implement anti-money laundering (AML) and know-your-customer (KYC) protocols on their platform.
The development aligns with Trump’s well-documented pro-crypto stance, which he has consistently maintained throughout his presidential tenure. Notably, this move fulfills some of his campaign promises regarding crypto regulations.
In 2020, the United States Department of Justice (DOJ) successfully prosecuted the trio for violating the Bank Secrecy Act by neglecting to enforce AML and KYC measures on their platform. Furthermore, the Commodity Futures Trading Commission (CFTC) imposed a $100 million civil penalty on BitMEX in August 2021 due to similar violations.
It is worth mentioning that Arthur Hayes, Benjamin Delo, and Samuel Reed, along with ex-employee Gregory Dwyer, had all pleaded guilty to one count of violating the Bank Secrecy Act. Each individual agreed to pay a $10 million fine and face two years of probation. This pardon effectively nullifies these penalties.
The decision has raised concerns among regulators and legal experts that such actions may weaken enforcement efforts in the crypto space, potentially encouraging other firms to circumvent compliance measures.
Source: https://cryptotale.org/president-trump-pardons-bitmex-co-founders-ex-employee/
