President Donald Trump pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed after they pleaded guilty to violating the Bank Secrecy Act, concluding years-long legal proceedings.
Legal Proceedings and Sentencing
BitMEX executives pleaded guilty to violating the Bank Secrecy Act. The charges were related to failing to implement proper anti-money laundering and know-your-customer programs. The court proceedings were marked by mandatory enforcement of US financial regulations. - Arthur Hayes received a sentence of six months home confinement and two years of probation. - Benjamin Delo received a sentence of 30 months probation. - Samuel Reed received a sentence of 18 months probation. Gregory Dwyer, the former business development chief, was sentenced to 12 months probation and a $150,000 fine. Civil penalties amounted to $30 million, and the exchange was hit with an additional $100 million fine.
Statements and Public Reactions
Arthur Hayes tweeted, 'Thank you, POTUS,' following the pardon announcement. The tweet was posted on X shortly after the decision was made public. Benjamin Delo also spoke after the pardon, noting that the US Department of Justice had prosecuted BitMEX and its co-founders, emphasizing that the pardon cleared his record of undeserved convictions.
Other Legal Developments in Crypto
Other court cases have impacted prominent figures in the crypto and tech communities. Nikola founder and former CEO Trevor Milton was pardoned for securities fraud. The recent pardons are part of a broader review of legal actions in digital asset trading.
The pardons for the BitMEX co-founders marked the end of a series of regulatory measures by the US government. The cases will remain in history as examples of the enforcement of financial regulations.
