Trump Pardons Arthur Hayes & BitMEX Co-Founders, Bitcoin Price Reacts

The U.S. President, Donald Trump has pardoned Arthur Hayes and BitMEX’s co-founders clearing their past legal troubles.

The former U.S. President Donald Trump has pardoned Arthur Hayes, the co-founder of crypto exchange BitMEX, along with two other executives, clearing their past legal troubles.

The surprising decision comes as Hayes and BitMEX had faced legal action for failing to enforce compliance rules and keep proper records, ultimately leading to charges of violating U.S. anti-money laundering laws.

This pardon, however, might be a surprising turn of events, especially given the BitMEX executives' guilty pleas and the nature of the charges.

The implications of Trump’s pardon are multifold and might have a lasting impact on the cryptocurrency industry in the U.S..

Also Read: Bitcoin Price Analysis: BTC Remains In A Volatile Phase

Trump Pardons Arthur Hayes & BitMEX Co-Founders

The news broke on Monday with a statement from the former president's office. Trump pardoned Hayes, Ben Delo, and Samuel Reed, who were charged in 2020 with violating U.S. anti-money laundering laws and sanctions in connection with BitMEX operations.

While the charges were filed in 2020, the case unfolded over several years with investigations by the Department of Justice and the Treasury Department’s Office of Foreign Assets Control (OFAC).

After pleading guilty in 2022 to charges of conspiracy to operate an unlicensed money services business, Hayes and Delo received probation and financial penalties.

Now, Trump's pardon cancels the legal consequences of their convictions, setting the stage for varied opinions on the move.

Many in the crypto community see this as a victory, highlighting the regulatory burden on crypto entrepreneurs and the fact that the BitMEX executives ultimately pleaded guilty to charges related to failing to follow regulations that were not entirely clear.

But critics argue that the pardon could weaken crypto enforcement and allow major exchanges to sidestep strict compliance, ultimately impacting future legal cases.

This decision also comes as several other crypto executives are facing legal battles, making Trump's pardon a point of interest.