Behold, dear readers, the tale of how the once-mighty Donald Trump, in an act of magnanimity—or perhaps a penchant for the dramatic—cast his pardoning gaze upon the beleaguered co-founders of BitMEX: Arthur Hayes, Benjamin Delo, and Samuel Reed.
These three, who had once danced perilously close to the flames of justice, had confessed to charges of money laundering and various regulatory indiscretions, as reported by the ever-vigilant CNBC.
It seems our trio of financial adventurers had neglected the minor detail of implementing anti-money laundering measures at BitMEX, a platform which, in the eyes of prosecutors, bore a striking resemblance to a “money laundering paradise.”
Among them, Reed, with the weight of the Bank Secrecy Act upon his shoulders, agreed to part with a cool $10 million in fines. Despite BitMEX’s protestations of a strategic retreat from the U.S. market, the authorities remained unconvinced, labeling it a “charade” most transparent.
The Perils of BitMEX Banking
In the chilly month of January, BitMEX found itself entangled in the webs of U.S. banking regulations, culminating in a $100 million penalty—a sum that would make even the most stoic of financiers wince.
A federal judge, in a display of judicial firmness, not only levied the hefty fine upon HDR Global Trading Limited, BitMEX’s parent entity, but also sentenced them to a rather unsupervised two-year probation. One might say, a slap on the wrist with a velvet glove.
BitMEX, in a bid to navigate these turbulent waters, sought the comforting embrace of a buyer, with Broadhaven Capital Partners at the helm of this financial odyssey. Reports whispered of the investment bank’s appointment in the waning days of2024, hinting at a grand sale amidst the swirling currents of crypto derivatives mergers and acquisitions.
And so, on a Thursday most ordinary, Trump, with the flourish of a pen, extended his pardoning hand. CNBC bore witness to this act, occurring on the very same day Trevor Milton, the erstwhile CEO of Nikola, proclaimed his liberation from the shackles of a securities fraud conviction. Milton, sentenced to a quartet of years in confinement, remained at liberty, courtesy of an appeal.
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2025-03-28 22:29