{"investigation":{"slug":"bitmex-exchange","entity_name":"BitMEX Exchange","trust_score":28,"severity_base":null,"score_modifier":0,"confidence":0.88,"status":"published","content_type":"investigation","summary":"BitMEX (Bitcoin Mercantile Exchange), operated by HDR Global Trading Limited, is a Seychelles-registered cryptocurrency derivatives exchange that permanently shut down on September 23, 2026, ending an 11-year run. The exchange accumulated more than $200 million in total regulatory penalties across CFTC, FinCEN, and DOJ proceedings for willful failures to maintain adequate anti-money laundering and know-your-customer programs; its three co-founders and a senior employee each pleaded guilty to Bank Secrecy Act violations, though all four subsequently received presidential pardons in March 2025. Closure followed a two-year failed sale process, and the disposition of the exchange's approximately $270 million insurance fund remained publicly unresolved at the time of shutdown.","sections":[{"content":"BitMEX was founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed and incorporated in the Seychelles. Hayes, who previously worked as an equity derivatives trader at Deutsche Bank and Citigroup in Hong Kong, served as CEO. BitMEX introduced the Bitcoin perpetual swap contract in 2016 — a derivatives instrument allowing traders to speculate on cryptocurrency prices without expiration dates and with leverage of up to 100x — and is widely credited with popularizing the perpetual swap structure that has since become standard across derivatives venues. The exchange grew rapidly in the late 2010s, at times commanding significant share of global Bitcoin derivatives volume. Its operating entity, HDR Global Trading Limited, was registered in the Seychelles. The exchange claimed a track record of zero customer funds lost to external hacks throughout its operating history.","heading":"Background and History","sources":[{"url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23","name":"CoinDesk: BitMEX's 11-year run comes to an end","type":"news_article","credibility":2},{"url":"https://www.cftc.gov/PressRoom/PressReleases/8270-20","name":"CFTC Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform","type":"regulatory","credibility":1}],"severity":"low"},{"content":"On August 10, 2021, the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) announced a combined $100 million civil monetary penalty against HDR Global Trading Limited and affiliated entities. The CFTC assessed a $50 million civil monetary penalty, and FinCEN assessed a matching $50 million penalty. Of the total, $80 million was paid immediately, with $20 million suspended pending completion of a suspicious activity report lookback and independent compliance reviews. The CFTC found that BitMEX operated as an unregistered futures commission merchant (FCM), offered leveraged derivatives to U.S. customers without CFTC registration, and operated a facility for trading swaps without approval as a Designated Contract Market or Swap Execution Facility. FinCEN found that BitMEX willfully failed to establish and maintain an adequate AML program, failed to implement a customer identification program, and failed to file required suspicious activity reports. The exchange required customers to provide only an email address to open an account, with no KYC verification.","heading":"Regulatory Enforcement: CFTC and FinCEN ($100M Civil Penalty, 2021)","sources":[{"url":"https://www.paulweiss.com/practices/litigation/economic-sanctions-aml/publications/cftc-and-fincen-impose-100-million-penalty-on-bitmex?id=40790","name":"CFTC and FinCEN Impose $100 Million Penalty on BitMEX — Paul Weiss analysis","type":"regulatory","credibility":1},{"url":"https://www.moneylaunderingnews.com/2021/08/fincen-and-cftc-reach-groundbreaking-100-million-aml-settlement-with-bitmex/","name":"FinCEN and CFTC Reach $100 Million AML Settlement with BitMEX — Money Laundering Watch","type":"news_article","credibility":2}],"severity":"critical"},{"content":"In October 2020, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed indictments charging Arthur Hayes, Benjamin Delo, Samuel Reed, and senior employee Gregory Dwyer with violating the Bank Secrecy Act (BSA) and conspiracy to violate the BSA. Prosecutors alleged that from approximately 2015 through 2020 the defendants willfully caused BitMEX to fail to establish and maintain an adequate AML program, including any KYC component, and that they structured the exchange's incorporation in the Seychelles while continuing to market services to U.S. customers as a means of avoiding U.S. legal requirements. Hayes and Delo each pleaded guilty on February 24, 2022. Reed entered a guilty plea approximately two weeks later. Dwyer pleaded guilty in August 2022 and was sentenced in November 2022. Hayes was sentenced to two years of probation (preceded by six months of home confinement); Delo received 30 months of probation; Reed was sentenced to 18 months of probation; and Dwyer agreed to pay a $150,000 criminal fine. A corporate guilty plea by HDR Global Trading Limited was entered on July 10, 2024, for willfully failing to maintain an adequate AML program from 2015 to 2020; sentencing occurred on January 15, 2025, with the company ordered to pay $100 million and serve two years of probation. The DOJ had initially sought penalties in excess of $200 million, and at one point sought as much as $420 million, before the $100 million figure was agreed. All individual charges and the corporate charge were entered as guilty pleas — adjudicated findings of guilt — not mere accusations.","heading":"Criminal Indictment and Guilty Pleas: Founders and Senior Employee (2020–2022)","sources":[{"url":"https://www.justice.gov/usao-sdny/pr/founders-cryptocurrency-exchange-plead-guilty-bank-secrecy-act-violations","name":"DOJ SDNY: Founders of cryptocurrency exchange plead guilty to Bank Secrecy Act violations","type":"court_filing","credibility":1},{"url":"https://justice.gov/usao-sdny/pr/third-founder-cryptocurrency-exchange-pleads-guilty-bank-secrecy-act-violations","name":"DOJ SDNY: Third founder pleads guilty to Bank Secrecy Act violations","type":"court_filing","credibility":1},{"url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-pleads-guilty-bank-secrecy-act-offense","name":"DOJ SDNY: Global cryptocurrency exchange BitMEX pleads guilty to Bank Secrecy Act offense","type":"court_filing","credibility":1},{"url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act","name":"DOJ SDNY: BitMEX fined $100 million for violating Bank Secrecy Act","type":"court_filing","credibility":1},{"url":"https://www.coindesk.com/policy/2022/02/24/bitmex-founders-arthur-hayes-ben-delo-plead-guilty-to-violating-us-law","name":"CoinDesk: BitMEX founders Arthur Hayes, Ben Delo plead guilty","type":"news_article","credibility":2},{"url":"https://complianceconcourse.willkie.com/articles/news-alerts-2022-11-november-20221122-fourth-bitmex-executive-sentenced-af/","name":"Willkie Compliance Concourse: Fourth BitMEX executive sentenced","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/policy/2024/07/10/crypto-exchange-bitmex-pleads-guilty-to-violating-the-bank-secrecy-act-from-2015-to-2020","name":"CoinDesk: BitMEX pleads guilty to BSA violation (2024)","type":"news_article","credibility":2},{"url":"https://blockchain.bakermckenzie.com/2025/01/16/bitmex-fined-additional-100-million-for-flouting-u-s-anti-money-laundering-laws/","name":"BitMEX Fined Additional $100M — Baker McKenzie Blockchain","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On May 5, 2022, the U.S. District Court for the Southern District of New York entered consent orders against Arthur Hayes, Benjamin Delo, and Samuel Reed individually, each imposing a $10 million civil monetary penalty — totaling $30 million across the three founders. The orders also permanently enjoined each individual from future violations of the Commodity Exchange Act and CFTC regulations. The CFTC found the founders liable for operating an unregistered FCM that accepted U.S. customer funds from November 2014 through October 2020, and for failing to implement adequate AML and KYC controls.","heading":"CFTC Consent Orders Against Individual Co-Founders ($30M, 2022)","sources":[{"url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22","name":"CFTC: Federal Court Orders BitMEX Co-Founders to Pay $30M","type":"regulatory","credibility":1},{"url":"https://www.cftc.gov/PressRoom/SpeechesTestimony/johnsonstatement050522","name":"CFTC Commissioner Johnson Statement on Consent Orders","type":"regulatory","credibility":1}],"severity":"critical"},{"content":"On March 28, 2025, President Donald Trump granted full pardons to Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer, as well as to the corporate entity HDR Global Trading Limited. The pardons extinguished the criminal convictions that had resulted from the 2022 guilty pleas. Co-founder Delo stated publicly that the pardon was '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.' The civil penalties imposed by the CFTC and FinCEN, and the corporate DOJ fine, were separate proceedings and were not affected by the pardons. Readers should note that a presidential pardon removes the legal consequences of a conviction but does not constitute a factual finding of innocence; the underlying guilty pleas as entered in court remain a matter of public record.","heading":"Presidential Pardons (March 2025)","sources":[{"url":"https://www.bloomberg.com/news/articles/2025-03-28/trump-pardons-bitmex-co-founders-arthur-hayes-benjamin-delo-and-samuel-reed","name":"Bloomberg: Trump Pardons BitMEX Co-Founders","type":"news_article","credibility":1},{"url":"https://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-exchange-money-laundering.html","name":"CNBC: Trump pardons three BitMEX crypto exchange co-founders","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/348719/trump-pardons-bitmex-co-founders-including-arthur-hayes-report","name":"The Block: Trump pardons BitMEX co-founders","type":"news_article","credibility":2}],"severity":"medium"},{"content":"On July 23, 2026, HDR Global Trading Limited announced that BitMEX would permanently cease exchange operations on September 23, 2026 at 04:00 UTC, citing a strategic review. The announcement gave users approximately two months to close positions and withdraw funds. Starting August 26, 2026 at 04:00 UTC, new position openings were blocked; users could only reduce existing positions. Any positions remaining open at closure were to be automatically closed by the exchange. Users who did not withdraw by the deadline face an ongoing fee structure on remaining balances: a 1% annual fee charged monthly, subject to a $50 per month minimum. BitMEX stated that users would retain the ability to access accounts post-closure for the purpose of withdrawing residual funds, subject to 'additional review procedures.' The exchange stated it maintained proof-of-reserves throughout and that no customer funds were at risk. New account registrations were immediately halted upon announcement.","heading":"Exchange Closure and Wind-Down (September 2026)","sources":[{"url":"https://www.bitmex.com/blog/bitmex-closure","name":"BitMEX official closure announcement","type":"official","credibility":1},{"url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23","name":"CoinDesk: BitMEX 11-year run comes to an end","type":"news_article","credibility":2},{"url":"https://www.cnbc.com/2026/07/23/cryptocurrency-exchange-bitmex-shut-down.html","name":"CNBC: Cryptocurrency exchange BitMEX to shut down","type":"news_article","credibility":1},{"url":"https://cointelegraph.com/news/bitmex-crypto-derivatives-exchange-shut-down","name":"Cointelegraph: BitMEX crypto derivatives exchange shut down","type":"news_article","credibility":2}],"severity":"high"},{"content":"Prior to announcing closure, BitMEX reportedly spent approximately two years seeking an acquirer. HDR Global Trading engaged investment bank Broadhaven Capital Partners in late 2024 to advise on a potential sale, a process that was publicly reported in February 2025. BitMEX sought a valuation of approximately $1 billion. According to reporting by CoinDesk, prospective buyers — including competing exchanges and the payment services company Exodus — declined to proceed. Cited obstacles included discomfort with the continued controlling ownership stake held by co-founders Hayes, Delo, and Reed (a structural issue because buyers typically require management retention incentives), declining trading volumes relative to competitors, and reputational concerns stemming from the regulatory history. No formal bids were publicly confirmed. The exchange announced closure in July 2026 after the sale process concluded without a transaction.","heading":"Failed Sale Process (2024–2026)","sources":[{"url":"https://www.coindesk.com/business/2026/07/31/bitmex-sale-collapsed-as-buyers-balked-at-founder-ownership-and-shrinking-business","name":"CoinDesk: BitMEX sale collapsed as buyers balked at founder ownership and shrinking business","type":"news_article","credibility":2},{"url":"https://crypto.news/bitmex-spent-two-years-seeking-buyer-before-shutdown/","name":"Crypto.news: BitMEX spent two years seeking buyer before shutdown","type":"news_article","credibility":2}],"severity":"medium"},{"content":"At the time of closure, BitMEX held an insurance fund valued at approximately $270 million, consisting of roughly $239 million in Bitcoin (approximately 3,694 BTC) and approximately $31 million in USDT. The fund accumulated over the exchange's operating life through liquidation proceeds and trading activity. Unlike customer deposits, the insurance fund was owned and controlled by BitMEX (HDR Global Trading Limited), not by users. Its stated purpose was to absorb liquidation losses and prevent auto-deleveraging events. As of the shutdown date, BitMEX had not publicly disclosed the planned disposition of the insurance fund after closure. Reporting by Protos confirmed that BitMEX did not respond to direct media inquiries on the subject prior to publication. The lack of transparency regarding the ultimate disposition of these funds is a material open question. Some social media commentary has claimed users who suffered liquidations would receive distributions, but as of the reporting used for this investigation, no such plan was officially announced or confirmed by BitMEX.","heading":"Insurance Fund: Unresolved Disposition (~$270M)","sources":[{"url":"https://protos.com/bitmex-to-close-but-what-about-its-270m-insurance-fund/","name":"Protos: BitMEX to close, but what about its $270M insurance fund?","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/blog/bitmex-to-shutdown-in-september-2026","name":"KuCoin: BitMEX to Shutdown in September 2026 — What Happens to Its $270M Insurance Fund?","type":"news_article","credibility":2}],"severity":"high"},{"content":"Across all proceedings, BitMEX and its principals incurred more than $230 million in confirmed regulatory and criminal penalties: (1) $100 million combined CFTC/FinCEN civil settlement (August 2021, paid by HDR Global Trading); (2) $30 million in CFTC civil penalties against Hayes, Delo, and Reed individually ($10 million each, May 2022); (3) $100 million DOJ criminal fine imposed on HDR Global Trading (January 2025 sentencing); (4) $150,000 criminal fine paid by Gregory Dwyer (November 2022); and (5) an additional $20 million suspended CFTC/FinCEN penalty, contingent on compliance with AML remediation conditions. The total confirmed penalties across all parties and proceedings exceeds $200 million. All penalties related to individual founders were entered following guilty pleas; the corporate DOJ penalty followed a separate corporate guilty plea in 2024.","heading":"Regulatory Penalty Summary","sources":[{"url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22","name":"CFTC: Federal Court Orders BitMEX Co-Founders to Pay $30M","type":"regulatory","credibility":1},{"url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act","name":"DOJ SDNY: BitMEX fined $100 million for violating Bank Secrecy Act","type":"court_filing","credibility":1},{"url":"https://www.paulweiss.com/practices/litigation/economic-sanctions-aml/publications/cftc-and-fincen-impose-100-million-penalty-on-bitmex?id=40790","name":"Paul Weiss: CFTC and FinCEN Impose $100 Million Penalty on BitMEX","type":"research","credibility":1}],"severity":"critical"}],"timeline":[{"date":"2014-01-01","event":"BitMEX founded by Arthur Hayes, Benjamin Delo, and Samuel Reed; incorporated in the Seychelles via HDR Global Trading Limited.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23"},{"date":"2016-01-01","event":"BitMEX introduces the Bitcoin perpetual swap contract, a derivatives instrument with no expiration date and up to 100x leverage, which becomes widely adopted across the industry.","source":"Finance Magnates","source_url":"https://www.financemagnates.com/cryptocurrency/bitmex-is-closing-but-the-perpetual-swap-is-just-getting-started/"},{"date":"2020-10-01","event":"CFTC files civil charges against BitMEX and its owners for illegally operating an unregistered derivatives platform and AML violations. SDNY unseals criminal indictments against Hayes, Delo, Reed, and Dwyer for Bank Secrecy Act violations.","source":"CFTC","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8270-20"},{"date":"2021-08-10","event":"CFTC and FinCEN announce combined $100 million civil penalty against BitMEX (HDR Global Trading). $80 million paid immediately; $20 million suspended pending compliance remediation.","source":"Money Laundering Watch","source_url":"https://www.moneylaunderingnews.com/2021/08/fincen-and-cftc-reach-groundbreaking-100-million-aml-settlement-with-bitmex/"},{"date":"2022-02-24","event":"Arthur Hayes and Benjamin Delo plead guilty in SDNY to violating the Bank Secrecy Act.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2022/02/24/bitmex-founders-arthur-hayes-ben-delo-plead-guilty-to-violating-us-law"},{"date":"2022-03-01","event":"Samuel Reed pleads guilty in SDNY to violating the Bank Secrecy Act.","source":"DOJ SDNY","source_url":"https://justice.gov/usao-sdny/pr/third-founder-cryptocurrency-exchange-pleads-guilty-bank-secrecy-act-violations"},{"date":"2022-05-05","event":"U.S. District Court for SDNY enters consent orders against Hayes, Delo, and Reed individually, imposing $10 million civil penalties each ($30 million total) and permanent injunctions from future Commodity Exchange Act violations.","source":"CFTC","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22"},{"date":"2022-08-01","event":"Gregory Dwyer, BitMEX's first employee and head of business development, pleads guilty to one count of violating the Bank Secrecy Act.","source":"Willkie Compliance Concourse","source_url":"https://complianceconcourse.willkie.com/articles/news-alerts-2022-08-august-20220816-former-bitmex-executive-pleads-guilty/"},{"date":"2022-11-16","event":"Gregory Dwyer sentenced; ordered to pay $150,000 criminal fine.","source":"Willkie Compliance Concourse","source_url":"https://complianceconcourse.willkie.com/articles/news-alerts-2022-11-november-20221122-fourth-bitmex-executive-sentenced-af/"},{"date":"2024-07-10","event":"HDR Global Trading Limited (BitMEX) enters a corporate guilty plea in SDNY for willfully failing to maintain an adequate AML program from 2015 to 2020.","source":"DOJ SDNY","source_url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-pleads-guilty-bank-secrecy-act-offense"},{"date":"2024-11-01","event":"BitMEX engages investment bank Broadhaven Capital Partners to advise on a potential sale of the exchange, publicly reported in early 2025.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2026/07/31/bitmex-sale-collapsed-as-buyers-balked-at-founder-ownership-and-shrinking-business"},{"date":"2025-01-15","event":"BitMEX (HDR Global Trading) sentenced on corporate guilty plea: ordered to pay $100 million criminal fine and serve two years of probation. DOJ had initially sought more than $200 million.","source":"DOJ SDNY","source_url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act"},{"date":"2025-03-28","event":"President Donald Trump grants full pardons to Arthur Hayes, Benjamin Delo, Samuel Reed, Gregory Dwyer, and HDR Global Trading Limited, extinguishing the criminal convictions from their guilty pleas. Civil regulatory penalties are unaffected.","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2025-03-28/trump-pardons-bitmex-co-founders-arthur-hayes-benjamin-delo-and-samuel-reed"},{"date":"2026-07-23","event":"HDR Global Trading Limited announces BitMEX will permanently cease operations on September 23, 2026 at 04:00 UTC. New account registrations immediately halted. Sale process confirmed to have ended without a transaction.","source":"BitMEX official announcement","source_url":"https://www.bitmex.com/blog/bitmex-closure"},{"date":"2026-08-26","event":"BitMEX blocks all new position openings at 04:00 UTC per the wind-down schedule; users limited to reducing existing positions only.","source":"BitMEX official announcement","source_url":"https://www.bitmex.com/blog/bitmex-closure"},{"date":"2026-09-23","event":"BitMEX permanently shuts down at 04:00 UTC. All remaining positions automatically closed. Users who did not withdraw begin accruing fees of 1% per year (charged monthly) or $50 per month, whichever is greater, on remaining balances. The disposition of the approximately $270 million insurance fund remained undisclosed.","source":"BitMEX official announcement; Protos","source_url":"https://www.bitmex.com/blog/bitmex-closure"}],"sources_used":[{"url":"https://www.bitmex.com/blog/bitmex-closure","name":"BitMEX official closure announcement","type":"official","archive_url":"http://web.archive.org/web/20260914025331/https://www.bitmex.com/blog/bitmex-closure","credibility":1,"archive_timestamp":"2026-09-14T02:53:31+00:00"},{"url":"https://www.cftc.gov/PressRoom/PressReleases/8270-20","name":"CFTC: Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform","type":"regulatory","archive_url":"http://web.archive.org/web/20260823091326/https://www.cftc.gov/PressRoom/PressReleases/8270-20","credibility":1,"archive_timestamp":"2026-08-23T09:13:26+00:00"},{"url":"https://www.cftc.gov/PressRoom/PressReleases/8522-22","name":"CFTC: Federal Court Orders BitMEX Co-Founders to Pay 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violations","type":"court_filing","archive_url":"http://web.archive.org/web/20260912192113/https://www.justice.gov/usao-sdny/pr/founders-cryptocurrency-exchange-plead-guilty-bank-secrecy-act-violations","credibility":1,"archive_timestamp":"2026-09-12T19:21:13+00:00"},{"url":"https://justice.gov/usao-sdny/pr/third-founder-cryptocurrency-exchange-pleads-guilty-bank-secrecy-act-violations","name":"DOJ SDNY: Third founder pleads guilty","type":"court_filing","archive_url":"http://web.archive.org/web/20260523200320/https://www.justice.gov/usao-sdny/pr/third-founder-cryptocurrency-exchange-pleads-guilty-bank-secrecy-act-violations","credibility":1,"archive_timestamp":"2026-05-23T20:03:20+00:00"},{"url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-pleads-guilty-bank-secrecy-act-offense","name":"DOJ SDNY: BitMEX pleads guilty to Bank Secrecy Act offense (corporate, 2024)","type":"court_filing","archive_url":"http://web.archive.org/web/20260524033728/https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-pleads-guilty-bank-secrecy-act-offense","credibility":1,"archive_timestamp":"2026-05-24T03:37:28+00:00"},{"url":"https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act","name":"DOJ SDNY: BitMEX fined $100 million for BSA violations (sentencing, 2025)","type":"court_filing","archive_url":"http://web.archive.org/web/20260905072232/https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act","credibility":1,"archive_timestamp":"2026-09-05T07:22:32+00:00"},{"url":"https://www.paulweiss.com/practices/litigation/economic-sanctions-aml/publications/cftc-and-fincen-impose-100-million-penalty-on-bitmex?id=40790","name":"Paul Weiss: CFTC and FinCEN Impose $100M Penalty on BitMEX (2021)","type":"research","archive_url":null,"credibility":1,"archive_error":"error:not-found","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.bloomberg.com/news/articles/2025-03-28/trump-pardons-bitmex-co-founders-arthur-hayes-benjamin-delo-and-samuel-reed","name":"Bloomberg: Trump Pardons BitMEX Co-Founders (2025)","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.cnbc.com/2025/03/28/trump-pardon-bitmex-crypto-exchange-money-laundering.html","name":"CNBC: Trump pardons three BitMEX crypto exchange 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