Investing.com -- The co-founders of BitMEX, a widely recognized cryptocurrency exchange, have been pardoned by President Donald Trump. Arthur Hayes, Benjamin Delo, and Samuel Reed, the three individuals who established BitMEX, have had their convictions waived, according to Bloomberg, citing a source who chose to remain anonymous.
The trio was indicted in 2020 for non-compliance with the Bank Secrecy Act. All three co-founders pleaded guilty in 2022 and agreed to surrender $10 million each. They were also sentenced to probation. The news about the pardons was first reported last Friday.
Going back to January, BitMEX was also directed by a federal judge to pay a fine of $100 million. This penalty was for the violation of US anti-money laundering law. The legal actions against BitMEX and its co-founders were among the earliest and most consequential cases targeting the cryptocurrency market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.