In a significant move reflecting his administration’s evolving stance on cryptocurrency, U.S. President Donald Trump has granted full pardons to Arthur Hayes, Benjamin Delo, and Samuel Reed, the co-founders of the BitMEX cryptocurrency exchange. This decision, reported by CNBC on March 28, 2025, absolves the trio of federal charges related to money laundering and violations of the Bank Secrecy Act.
Federal prosecutors had accused Hayes, Delo, and Reed of operating BitMEX as a “money laundering platform,” alleging that their withdrawal from the U.S. market was insincere. In 2022, Samuel Reed pleaded guilty and agreed to a $10 million fine. By 2025, BitMEX itself faced a $100 million penalty after admitting to willfully failing to implement an adequate anti-money laundering program between 2015 and 2020.
This pardon aligns with President Trump’s recent actions favoring individuals connected to the cryptocurrency sector. Earlier this year, he pardoned Ross Ulbricht, the founder of the Silk Road online marketplace, who had been serving a life sentence since 2015 for charges including drug trafficking and money laundering. Trump’s decision was praised by libertarians and crypto advocates who viewed Ulbricht’s sentence as excessive.
Additionally, Trevor Milton, founder of electric-truck maker Nikola, received a presidential pardon after being convicted of securities fraud. Milton had been sentenced to four years in prison for misleading investors about Nikola’s technology. His pardon has sparked controversy, especially given his substantial donations to Trump’s re-election campaign.
These pardons have ignited discussions within the crypto community about potential clemency for other prominent figures. Reports suggest that associates of Sam Bankman-Fried, the former FTX executive, are seeking a presidential pardon. Meanwhile, Changpeng Zhao, former CEO of Binance, has expressed openness to a pardon after pleading guilty to a felony charge related to inadequate anti-money laundering measures at Binance. Zhao served a four-month prison sentence and, upon release, indicated he “wouldn’t mind a pardon” from President Trump.
President Trump’s recent pardons underscore a broader shift towards embracing cryptocurrency initiatives and addressing what some perceive as judicial overreach in crypto-related cases.
