Donald Trump granted presidential pardons to BitMEX founders Arthur Hayes, Benjamin Delo, and Samuel Reed. This decision followed significant legal challenges for the company.
History of BitMEX
BitMEX was founded in 2014 and quickly became a leader in crypto derivatives trading, focusing on perpetual contracts and futures. Arthur Hayes served as CEO of the Seychelles-based company.
Allegations and Legal Consequences
In October 2020, U.S. authorities indicted Hayes, Delo, and Reed for violating the Bank Secrecy Act due to insufficient anti-money laundering measures and lack of a KYC program. In May 2022, a court imposed a $10 million civil penalty on each co-founder and prohibited future violations of the Commodity Exchange Act and CFTC regulations.
Trump's Pardon Decision
Donald Trump announced pardons for the BitMEX founders. Previously, Arthur Hayes received a two-year probation sentence, Benjamin Delo was sentenced to 30 months of probation, and Samuel Reed to 18 months. These legal issues led to their departure from leadership roles in 2020, with Vivien Khoo taking over as interim CEO.
Trump's pardon marks a new chapter for the BitMEX founders who faced serious allegations of violating U.S. financial law. This move follows other presidential clemency actions, including Trump's recent decision regarding Ross Ulbricht.
