Former President Donald Trump has pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed.

The three had previously pleaded guilty to federal charges related to money laundering and regulatory violations, according to CNBC reporting.

The three executives were convicted for failing to implement anti-money laundering measures at BitMEX, which prosecutors labeled a “money laundering platform.”

Reed admitted to violating the Bank Secrecy Act in 2022 and agreed to pay a $10 million fine. Despite BitMEX’s claims of withdrawing from the U.S. market, authorities alleged that the move was a “sham.”

BitMEX’s banking hiccups

In January, BitMEX was ordered to pay a $100 million penalty for violating U.S. banking laws.

A federal judge ordered HDR Global Trading Limited, BitMEX’s parent company, to pay the penalty along with a two-year unsupervised probation sentence.

BitMEX sought a buyer earlier this year and enlisted Broadhaven Capital Partners for the sale. Reports indicated the investment bank was appointed in late 2024 to facilitate the deal. The move followed increasing mergers and acquisitions in the crypto derivatives sector.

Trump issued the pardons on Thursday, according to CNBC, the same day Trevor Milton, the former CEO of Nikola, announced that he had received clemency for his securities fraud conviction. 

Milton had been sentenced to four years in prison but remained free on appeal.