In a surprising turn of events, former President Donald Trump has granted pardons to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed.
The trio had previously pleaded guilty to federal charges related to money laundering and regulatory breaches. They were convicted for their failure to implement essential anti-money laundering measures at BitMEX, which prosecutors referred to as a “money laundering platform.”
In 2022, Samuel Reed acknowledged violations of the Bank Secrecy Act and agreed to pay a substantial $10 million fine. Despite claims from BitMEX about its withdrawal from the U.S. market, authorities characterized this maneuver as a façade.
Challenges Faced by BitMEX
Earlier this year, BitMEX was hit with a $100 million penalty for breaching U.S. banking regulations.
A federal judge mandated HDR Global Trading Limited, the parent company of BitMEX, to pay this penalty along with a two-year probation sentence without supervision.
In light of ongoing challenges, BitMEX sought potential buyers and engaged Broadhaven Capital Partners to assist with the sale, which was initiated in late 2024 amid a flurry of mergers and acquisitions within the crypto derivatives industry.
The pardons from Trump came on the same day Trevor Milton, the former CEO of Nikola, announced he received clemency for his securities fraud conviction, having been sentenced to four years in prison but remaining free during the appeal process.
