Free Men: Trump Pardons BitMEX Co-Founders – Details

Source Bitcoinist

US President Donald Trump has granted presidential pardons to the three co-founders of the BitMEX crypto exchange following a lengthy legal debacle with the US Department of Justice (DOJ). BitMEX and its co-founders were found guilty of violating the Bank Secrecy Act.

The US Government Vs. BitMEX

In 2020, the DOJ accused BitMEX of running a crypto trading platform that failed to implement Anti-Money Laundering (AML) measures thereby violating the Bank Secrecy Act. According to the US prosecutors, BitMEX knowingly solicited business from US markets requiring only users to provide an email as opposed to a basic know-your-customer procedure.

In 2022, Arthur Hayes, Benjamin Delo, and Samuel Reed who had together begun BitMEX in 2014, pled guilty to the charges by the DOJ. All parties including Gregory Dwyer, who had served as Head of Business Development and was facing similar charges were ordered to serve varying lengths of probation and pay a total fine of over $30 million.

Two years later, BitMEX as a corporation pled guilty to the single count of breaching the Bank Secrecy Act and received a sentence of two years probation and a $100 million fine. However, according to local media USA TODAY, President Trump has pardoned all four defendants in this case declaring them free of all convictions and penalties.

In reaction to Trump’s magnanimity, Hayes has taken to social media platform X to post “Thank You”. Meanwhile, Benjamin Delo has reportedly issued a statement claiming BitMEX’s innocence since the case’s onset in 2020. Delo said:

This full and unconditional pardon by President Trump is a vindication of the position we have always held – that BitMEX, my co-founders, and I should never have been charged with a criminal offense through an obscure, antiquated law.

Trump’s Pro-Crypto Train Moves On

The recent pardon of the BitMEX co-founders adds to the list of crypto-friendly actions by the Trump Administration following the inauguration in January. In addition to Hayes and his colleagues, the US President has also pardoned Silk Road Founder Ross Ulbricht who has been incarcerated for over 11 years serving a double life sentence plus 40 years without the option of parole.

Under Trump’s pro-crypto policy, the US Securities and Exchange Commission (SEC) has also discontinued enforcement action against crypto companies including Coinbase, Robinhood, Gemini, and Ripple. While these developments indicate a crypto-friendly stance by the new US government, the crypto market continues to suffer from the ripple effects of new international trade policies.

At the time of writing, the crypto market is valued at $2.68 trillion after shrinking by over 4% in the past day following the US decision to impose a 25% tariff on auto imports from Mexico and China.

BitMEX
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD drifts lower below $2,800   after Trump imposes tariffsGold price (XAU/USD) edges lower to around $2,795 during the early Asian session on Monday.
Author  FXStreet
Feb 03, Mon
Gold price (XAU/USD) edges lower to around $2,795 during the early Asian session on Monday.
placeholder
U.S. March Nonfarm Payroll Preview: Even If Data Aligns with Expectations, Financial Markets May Not Escape the Fate of VolatilityOn 4 April 2025, the United States will release its March Nonfarm Payrolls (NFP) data. The market consensus currently anticipates job growth of 128,000, a decline from February’s 151,000 (Figure 1). W
Author  TradingKey
Apr 02, Wed
On 4 April 2025, the United States will release its March Nonfarm Payrolls (NFP) data. The market consensus currently anticipates job growth of 128,000, a decline from February’s 151,000 (Figure 1). W
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
Yesterday 02: 14
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
placeholder
Ripple Price Forecast: XRP builds bullish momentum as Ripple eyes Circle with $5B acquisition bidRipple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
Author  FXStreet
18 hours ago
Ripple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
goTop
quote