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BitMEX

Free Men: Trump Pardons BitMEX Co-Founders – Details

Semilore Faleti
by Semilore Faleti
5 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Europe’s Insurance Regulator Wants 100% Crypto Asset Coverage — Here’s What It Means

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.

Related Reading: Bitcoin’s Next Move: Here’s What Exchange Flows Are Telling Us 

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
Total crypto market cap valued at $2.68 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from AB&A Advocates, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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