President Trump shattered legal precedent yesterday, issuing “full and unconditional” pardons to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed. The White House confirmed the pardons on March 28, 2025, adding another chapter to Trump’s growing list of crypto-friendly executive actions.
The three executives had been charged in 2020 with violating the Bank Secrecy Act. They pleaded guilty in 2022. Not exactly hardened criminals—they got probation and some hefty fines. Hayes served two years probation, Delo got 30 months, and Reed faced 18 months. They collectively paid $30 million in civil penalties. Their company BitMEX coughed up another $100 million in 2021.
BitMEX execs took their slap on the wrist—probation, fines, and a collective $30 million “oops” payment to Uncle Sam.
Federal prosecutors weren’t so forgiving at the time. They labeled BitMEX a “money laundering platform” that skipped basic know-your-customer procedures. Want a BitMEX account? Just an email address would do. No ID checks. No problem! U.S. customers could trade despite the company’s claims to have exited the American market. The former employee Gregory Dwyer was also pardoned after serving 12 months of probation.
Delo wasted no time celebrating. He released a statement claiming they’d been unfairly targeted and thanked Trump profusely. Hayes kept it simple with a “Thank You” post on social media. Reed? Silent so far.
This isn’t Trump’s first crypto pardon rodeo. Ross Ulbricht, the Silk Road founder, got sprung in January. Trevor Milton, Nikola’s disgraced CEO, walked free just one day before the BitMEX trio. The crypto market—worth about $2.68 trillion now—dipped 4% after recent trade policies, but Trump’s stance remains crystal clear. The sudden fluctuation in cryptocurrency market capitalization resulted from external factors including regulatory news and changing market sentiment.
Meanwhile, other crypto figures are watching closely. Sam Bankman-Fried, sitting in solitary confinement, is begging for mercy. Changpeng Zhao denies seeking a pardon but admits he’s appealing his case.
The burning question: Will Bitcoin evangelist Roger Ver be next? He’s staring down a potential 109-year tax sentence. With Trump’s apparent soft spot for crypto entrepreneurs, Ver might just have a shot. The president’s pardon pen seems far from dry.
