Presidential Pardons for BitMEX Co-Founders

SOURCE www.cnbc.com
President Donald Trump has granted pardons to three co-founders of BitMEX cryptocurrency exchange who previously pled guilty to violating the Bank Secrecy Act. The co-founders received probation and were ordered to pay civil fines. Trump issued the pardons more than three months after BitMEX was fined $100 million for the same violation.

Key Points

  • Former BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed received pardons from President Trump after pleading guilty to violating the Bank Secrecy Act.
  • The trio received criminal sentences of probation and were ordered to pay civil fines totaling $30 million.
  • The co-founders were accused of operating BitMEX as a 'money laundering platform' and faced charges related to anti-money laundering and know-your-customer programs.
  • Trump issued the pardons more than three months after BitMEX was fined $100 million for the same violations.

Pros

  • The co-founders received pardons from President Trump, clearing their names and allowing them to continue their work and philanthropic efforts without the burden of a criminal conviction.

Cons

  • The co-founders were accused of effectively operating BitMEX as a 'money laundering platform' and faced criminal charges related to violating the Bank Secrecy Act.