In a stunning move that’s sending shockwaves through both political and crypto circles, U.S. President Donald Trump has reportedly pardoned three co-founders of the major crypto exchange BitMEX — Arthur Hayes, Benjamin Delo, and Samuel Reed — who previously pleaded guilty to felony charges.

The trio had been prosecuted for serious violations, including failing to implement proper anti-money laundering (AML) procedures and breaching the Bank Secrecy Act. Hayes and Delo admitted guilt in early 2022, while Reed followed soon after. The charges stemmed from a 2020 U.S. government crackdown on BitMEX’s compliance failures, which also targeted its first employee, Gregory Dwyer.

Though the White House has not released an official statement confirming the pardons, a March 28 report from CNBC claims Trump signed off on them as part of a new round of controversial pardons. This follows his prior high-profile clemencies, such as those for Capitol riot defendants and Silk Road’s Ross Ulbricht. Reports also suggest disgraced FTX founder Sam Bankman-Fried may be seeking similar favor from Trump and the GOP.

Despite having already served home detention or probation and paying a combined $30 million in penalties, the unexpected pardons have reignited debates around crypto regulation, justice, and Trump’s alignment with crypto figures. In 2021, BitMEX’s parent company agreed to a $100 million settlement with U.S. regulators, and in January this year, it was fined another $100 million with two years of unsupervised probation.

Critics argue the pardons undermine efforts to hold crypto firms accountable, while others view them as a signal of Trump’s growing support within digital asset communities ahead of the 2024 election. As the crypto space continues to mature, this surprise development has left many wondering: is accountability optional for those close to power?