Trump’s Unlikely Heroes: BitMEX Founders Get a Second Chance!

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In a most curious turn of events, the illustrious President of the United States, Donald Trump, has extended his benevolent hand to three co-founders of the BitMEX cryptocurrency exchange, along with a fourth high-ranking former employee. The trio—Arthur Hayes, Benjamin Delo, and Samuel Reed—now find themselves basking in the warm glow of presidential mercy. Ah, the sweet taste of redemption! 🍀

Yet, the winds of justice had previously whispered a different tale. Prosecutors, with their stern faces and furrowed brows, accused these gentlemen of transforming BitMEX into a veritable den of iniquity, a money laundering platform masquerading as a legitimate business. The withdrawal from the U.S. market? A mere ruse, they claimed. How delightfully theatrical! 🎭

Trump’s Generosity Knows No Bounds

On a fateful Thursday, President Trump, in a move that could only be described as audacious, pardoned these founders. It was a mere three months after BitMEX had been sentenced to pay a staggering $100 million for its alleged transgressions against the Bank Secrecy Act. One might wonder if the fine was merely a drop in the ocean of cryptocurrency riches! 💰

These founders, having previously pleaded guilty to a single count of violating the Bank Secrecy Act in 2022, were left with a hefty $30 million civil fine hanging over their heads like the Sword of Damocles. They also faced criminal sentences and probation, which, one might argue, is a rather inconvenient way to spend one’s time. But fear not, for the winds of fortune have shifted! 🌬️

Gratitude in the Age of Twitter

In a moment of heartfelt gratitude, Hayes took to Twitter, proclaiming, “Thank you, POTUS.” Delo, ever the eloquent spokesperson, declared that the pardon was a vindication of their steadfast belief that the U.S. Department of Justice had wrongfully targeted their noble exchange. How noble indeed! 🦸‍♂️

“The U.S. Department of Justice wrongfully targeted BitMEX and its co-founders. This full and unconditional pardon by President Trump is a vindication of the position we have always held – that BitMEX, my co-founders, and I should never have been charged with a criminal offense through an obscure, antiquated law.”

Delo, with a flair for the dramatic, suggested that BitMEX had been made a scapegoat for political machinations, a pawn in a game of regulatory chess. How utterly scandalous! ♟️

“As the most successful crypto exchange of its kind, we were wrongfully made to serve as an example, sacrificed for political reasons, and used to send inconsistent regulatory signals. I’m sincerely grateful to the President for granting this pardon to me and my co-founders. A legal wrong has been righted today, and despite the distress I have been through over the past few years, I’m pleased to have cleared my name and to be able to continue my life and philanthropic work without the burden of an unfounded conviction.”

The Case Against BitMEX: A Comedy of Errors

Founded in the year of our Lord 2014, BitMEX quickly became a household name—or at least a name whispered in the dark corners of the internet. Prosecutors alleged that the executives, in their infinite wisdom, were fully aware of the need for stringent AML and KYC protocols, especially since they were serving customers in the U.S. Yet, in a display of audacity that would make even the most seasoned gambler blush, they chose to ignore these requirements, allowing customers to access their services with naught but an email address. How delightfully reckless! 🎲

The Manhattan U.S. Attorney’s Office, in a statement that could only be described as damning, remarked:

“Indeed, senior executives each knew that customers residing in the U.S. continued to access BitMEX’s trading platform through at least in or about 2018 and that BitMEX policies nominally in place to prevent such trading were toothless or easily overridden to serve BitMEX’s bottom line goal of obtaining revenue through the U.S. market without regard to U.S. criminal laws.”

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2025-03-29 20:13