In a bold and controversial decision, U.S. President Donald Trump has granted full pardons to Arthur Hayes, Benjamin Delo, and Samuel Reed, the co-founders of the cryptocurrency exchange BitMEX.

Hayes and Delo had previously pleaded guilty to charges tied to violations of the Bank Secrecy Act in February 2022, including failing to implement anti-money laundering (AML) and know-your-customer (KYC) measures on their platform, while Reed entered a plea a few weeks later.

Charges against BitMEX

The pardons, issued on March 27, 2025, effectively nullify their prior convictions, which included probation and hefty fines totaling $30 million. Earlier this year, BitMEX was slapped with an additional $100 million fine for its role in enabling illicit financial activities between 2015 and 2020.

Prosecutors had also accused the founders of operating BitMEX as a "money laundering platform" and that its purported withdrawal from the U.S Market was a sham.

In the tweet on Friday, Hayes wrote, "Thank you POTUS," using the term for "President of the United States."

Delo, in a statement said,

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"The U.S Department of Justice wrongfully targeted BitMEX and its co-founders. This full and unconditional pardon by President Trump is vindication of the position we have always held-that BitMEX, my co-founders adn I should never have been charged with a criminal offense through an obscure, antiquated law."

He also adds that his exchange was targeted by political reason and to instill fear within the crypto community. He also adds that Trump's move is correcting a legal wrong and he is pleased to have his name cleared.

Till date, the White House has yet to release a statement confirming or denying claims that Trump is planning to pardon the three BitMEX executives.

Trump trying to gain the favor of the crypto community?

Trump’s move aligns with his increasingly pro-crypto stance, which has seen him court crypto donors and advocate for looser regulations in the industry.

Trump has also manifested his support for the crypto industry in another way, through granting presidential pardons to people well connected to the crypto world. And this move has been making the headlines since President took over the office.

The first person to be granted a pardon was Ross Ulbricht, the Silk Road creator integrally tied to Bitcoin's early history. Later, many speculated that the family of the disgraced FTX exchange Sam Bankman-Fried is campaigning a presidential pardon for his son, while others claimed that the Binance founder and former CEO Changpeng Zhao has also asked for a pardon.

But the rumors were quickly shut down by CZ, who denied that he pushed the Trump administration for a pardon.

All these moves also coincide with Trump's effort to continue to widen his influence over and exposure to crypto. Just recently, the Trump-backed Defi project said it plans to launch a USD-pegged stablecoin.