President Donald Trump has granted pardons to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, thus clearing their legal records. This also extends to former employee Gregory Dwyer. Previously, this group had pleaded guilty in 2022 to violations of the Bank Secrecy Act due to inadequate anti-money laundering protocols in their platform.

This pardon marks a significant moment for the cryptocurrency sector, demonstrating Trump’s increasing support for Web3 technologies.

The pardoned co-founders faced charges in 2020 for failing to execute appropriate know-your-customer (KYC) and anti-money laundering measures, resulting in penalties and probation.

BREAKING: President Donald Trump just granted pardons to three co-founders of the BitMEX cryptocurrency exchange.

The co-founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, previously pled guilty to a range of federal criminal charges related to money laundering — unusual_whales (@unusual_whales) March 28, 2025

The BitMEX founders established the exchange in 2014, positioning it as a pioneer in high-leverage crypto derivatives trading. In 2021, BitMEX agreed to a $100 million settlement with U.S. authorities over compliance failures, with Hayes, Delo, and Reed each paying $10 million in fines, while Dwyer incurred similar penalties. Trump’s pardons annul these consequences, enabling their unhindered return to the industry.

Hayes publicly expressed gratitude toward Trump, labeling the original charges as unjust. Delo echoed this sentiment, referring to the legal actions as overreach stemming from outdated laws. Their remarks illustrate how regulatory practices fail to keep pace with innovations in crypto technologies.

PARDONED. We are blessed to live in these crypto-friendly times. Thank you @POTUS Image — BitMEX (@BitMEX) March 28, 2025

This pardon underscores Trump’s continued endorsement of the crypto landscape, similar to his previous pardon of Ross Ulbricht, the founder of Silk Road. Observers note the potential for regulatory relaxing, which could reinforce confidence in cryptocurrency exchanges.

The pardon for BitMEX leaders is anticipated to sway the crypto market positively, improving the platform’s legitimacy and interest in its offerings. This event might also motivate other exchanges to challenge existing limits, foreseeing a lighter regulatory environment ahead.

Trump’s increasing connections with the crypto domain, particularly through endeavors like World Liberty Financial, suggest this move may set a benchmark for how past crypto-related convictions are handled, potentially transforming operational norms for exchanges under his leadership. This approach could enhance public trust in cryptocurrencies.

Despite its challenges, BitMEX remains a strong player in the market, continuing to generate considerable trading volume.