The first corporate pardon in history was granted to a crypto exchange
In short: In a move that stunned the legal world, BitMEX became the first corporation ever to receive a federal pardon. This extraordinary act occurred just hours before the company was scheduled to pay a massive $100 million fine for anti-money laundering failures.
BitMEX emerged in 2014 as a cryptocurrency derivative platform, gaining significant notoriety by introducing perpetual futures in 2016. While it allowed traders to speculate on assets like Bitcoin without owning them, the platform eventually faced severe legal scrutiny from US authorities. In late 2020, its founders were indicted for violating the Bank Secrecy Act because they failed to implement proper anti-money laundering measures.
The legal fallout was extensive: by early 2022, all four co-founders—Arthur Hayes, Ben Delo, Samuel Reed, and Gregory Dwyer—had pleaded guilty. They faced individual criminal fines of $10 million each for their roles in the company's regulatory failures. The exchange itself eventually entered a plea deal in July 2024, admitting to the same violations that led to its founders' convictions.
The narrative shifted dramatically in March 2025 when President Trump issued four pardons for individuals linked to BitMEX and one for the corporation itself. This was a landmark moment as it marked the first time a pardon was granted to an entity rather than a human being. By issuing these pardons shortly before a $100 million payment was due, the move effectively shielded the company from that specific financial penalty.
The consequences of this pardon were notable; reports indicated it saved BitMEX the money at the expense of the Crime Victims Fund. The platform's history remains tied to high-stakes finance and political influence, evidenced by a 2026 donation from co-founder Ben Delo to Reform UK, which stood as the largest single donation to a British political party at that time.
Opens the Intellect+ feed with this card first. Swipe up for the next one.
Sources
- Summary by Intellect · source: BitMEX
To cite this card, link to https://intellectplus.co.uk/app/culture-bitmex.
How we source, check and correct cards: Editorial standards.
General information, not professional advice. Spotted an error? Flag the card or see corrections and complaints.
Intellect Plus is a visual educational discovery platform for exploring fascinating facts and ideas. Brain Food, Not Brain Rot. What is Intellect Plus?
Related
More in UK & Irish culture · More in Cultures · Latest · A–Z · All topics
