On March 27, 2025, U.S. President Donald Trump issued a full pardon to the three co-founders of the cryptocurrency derivatives exchange BitMEX — Arthur Hayes, Benjamin Delo, and Samuel Reed — wiping out their 2022 federal convictions for willfully failing to maintain adequate anti-money laundering (AML) and know-your-customer (KYC) programs under the Bank Secrecy Act. The pardon covers only the trio, leaving out a fourth executive, Gregory Dwyer, who was also convicted.
Background of the Case
BitMEX, founded in 2014 and registered in Seychelles, was one of the most popular crypto derivatives platforms globally. In 2020, U.S. authorities indicted the founders, alleging that the exchange allowed anonymous trading with insufficient AML controls, potentially facilitating illicit finance. The founders pleaded guilty in 2022, after Trump's first term ended. Hayes and Delo received probation and six-figure fines; Reed accepted similar terms. The convictions remained on their records until this week.
Trump's pardon eliminates their criminal records but does not reverse the fines already imposed. The White House offered no official explanation for the decision, but it aligns with Trump's increasingly pro-crypto posture during his second term. Earlier, he pardoned Silk Road creator Ross Ulbricht and has held meetings with top crypto industry figures. The pardon wave has fueled speculation that other crypto defendants, such as Roger Ver (currently fighting extradition over alleged tax violations), may also benefit from executive clemency.
Statements from BitMEX Co-Founder
Benjamin Delo released a statement following the pardon: “The U.S. Department of Justice wrongfully targeted Bitmex and its co-founders. 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. As the most successful crypto exchange of its kind, we were wrongfully made to serve as an example, sacrificed for political reasons and used to send inconsistent regulatory signals.” He added: “I’m sincerely grateful to the President for granting this pardon to me and my co-founders. A legal wrong has been righted today and despite the distress I have been through over the past few years I’m pleased to have cleared my name and to be able to continue my life and philanthropic work without the burden of an unfounded conviction.”
Neither Arthur Hayes nor Samuel Reed has made public comments as of press time. The timing of the pardon — just one day before Trump is expected to announce new crypto policy initiatives — has intensified debates about the future of U.S. crypto regulation and the boundaries of presidential clemency power. Market analysts view this as a significant positive signal for the digital asset industry, potentially easing regulatory pressure on crypto exchanges that have long operated in a gray area of U.S. law.