Trump pardons three co-founders of BitMex crypto exchange

Background: BitMEX, short for Bitcoin Mercantile Exchange, is a cryptocurrency trading platform founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. The platform gained popularity for offering leveraged trading on cryptocurrency futures contracts. However, it has also faced numerous controversies, including allegations of market manipulation and insider trading.
The Pardons: On January 19, 2021, President Donald Trump granted pardons to 73 individuals, including the three co-founders of BitMEX. This came as a surprise to many, as the individuals were facing criminal charges for violating the Bank Secrecy Act and conspiracy to violate the same act. The charges were brought by the U.S. Department of Justice in October 2020.
The Charges: According to the Department of Justice, the three co-founders of BitMEX were aware that their platform was being used for illegal activities, including money laundering and sanctions violations. They were accused of failing to implement proper anti-money laundering measures and allowing unregistered trading on the platform. The charges carried a maximum sentence of five years in prison.
The Impact: The pardons have sparked controversy and criticism, with many questioning the timing and reasoning behind them. Some believe that the pardons were granted in exchange for political contributions made by the co-founders. Others argue that it sets a dangerous precedent for white-collar criminals, as they can now avoid consequences by seeking pardons from the President.
The Future of BitMEX: Despite the pardons, BitMEX is still facing a civil lawsuit filed by the Commodity Futures Trading Commission (CFTC). The lawsuit alleges that BitMEX engaged in illegal activities, including offering illegal leveraged trading to U.S. customers. The co-founders are also facing a civil lawsuit filed by their former business partner, who accuses them of fraud and breach of contract.
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