Co-founders of the BitMEX crypto exchange, and the company itself

Arthur Hayes & the BitMEX founders

a.k.a. “Deadline Day”

BitMEX’s founders pleaded guilty to running their exchange without an anti-money-laundering program. In January 2025 the company was fined $100 million. On March 27, 2025, all four men and the company were pardoned, reportedly just before the company’s fine was due.

Rap sheet

Convicted of: Violating the Bank Secrecy Act [1]
Court: Southern District of New York [1]
Sentences: Probation for all four men. Hayes, Delo and Reed each agreed to a $10 million criminal fine. Dwyer was fined $150,000. [1][3][4]
Company: HDR Global Trading (BitMEX): $100,000,000 fine, imposed January 15, 2025 [1]
Granted: Full pardons for all five, March 27, 2025 [2]

The receipt

PARDONMAXXING ARTHUR HAYES & THE BITMEX FOUNDERS - - - - - - - - - - - - - - - - - - -

Wiped off the books

Company fine [1][5] $100,000,000
Founders’ criminal fines (if unpaid) [2][3] Covered by the warrants

- - - - - - - - - - - - - - - - - - -

Thank you for your business
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Gold is money that was reportedly spent near the President’s orbit. Red is what the grant wiped away. We list what was reported and when. We don’t claim one caused the other. How we count.

Timeline

May 20, 2022 The law Hayes sentenced to probation and six months of home detention; agrees to a $10 million fine. [3]
January 15, 2025 The law BitMEX’s parent company is fined $100 million. [1]
March 27, 2025 The pardon All four founders and the company pardoned. [2][5]

Detective’s notes

Commentary

The pardon reportedly came just before the company’s $100 million payment was due. That’s not clemency, that’s a very good accountant.

The CFTC separately got $30 million in civil penalties from the three co-founders in 2022. Civil cases don’t go away with a pardon.

Sources

Clemency grants by President Donald J. Trump, 2025–present (archived Sept. 20, 2026) U.S. Department of Justice, Office of the Pardon Attorney, via the Internet Archive
Signed clemency warrant: Arthur Hayes U.S. Department of Justice, Office of the Pardon Attorney · March 27, 2025
Founder and CEO of offshore cryptocurrency derivatives platform sentenced for violating the Bank Secrecy Act U.S. Department of Justice · May 20, 2022
Federal court orders BitMEX’s three co-founders to pay a total of $30 million CFTC
President Trump pardons Arthur Hayes, two other BitMEX co-founders CoinDesk · March 28, 2025