BitMEX
Summary
BitMEX (Bitcoin Mercantile Exchange) is a cryptocurrency derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed that pioneered the perpetual swap contract and at its peak was one of the largest crypto derivatives platforms in the world. In October 2020, the CFTC and DOJ charged the exchange and its co-founders with operating an unregistered trading platform and willfully failing to implement anti-money laundering and know-your-customer programs in violation of the Bank Secrecy Act. All three co-founders subsequently pleaded guilty, the exchange paid a $100 million civil settlement, and in March 2025 the founders and the corporate entity received presidential pardons from Donald Trump.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2014-01-01
BitMEX (Bitcoin Mercantile Exchange) founded by Arthur Hayes, Ben Delo, and Samuel Reed under HDR Global Trading Limited.
BitMEX - Wikipedia2019-11-01
BitMEX accidentally exposes email addresses of a large portion of its user base by using CC instead of BCC in a mass marketing email.
CoinDesk: BitMEX Exchange Exposes User Base in Email Mishap2020-10-01
CFTC files civil enforcement action against BitMEX entities and co-founders Hayes, Delo, and Reed for operating an unregistered derivatives trading platform and failing to implement AML/KYC procedures. DOJ simultaneously unseals criminal indictment charging the same three plus Gregory Dwyer with BSA violations.
CFTC Press Release 8270-202020-11-30
BitMEX parent restructures as 100x Group; Alexander Höptner appointed new CEO, replacing interim CEO Vivien Khoo.
CoinDesk: Parent of Troubled BitMEX Names a Former Stock Exchange Chief Its New CEO2021-08-10
U.S. District Court orders BitMEX entities to pay $100 million civil penalty split between CFTC and FinCEN to resolve charges of operating an unregistered platform and BSA violations.
CFTC Press Release 8412-212022-02-01
Arthur Hayes and Benjamin Delo each plead guilty to one count of violating the Bank Secrecy Act.
CoinDesk: Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation2022-03-09
Samuel Reed pleads guilty to one count of violating the Bank Secrecy Act.
DOJ SDNY: Third Founder of Cryptocurrency Exchange Pleads Guilty2022-05-20
Arthur Hayes sentenced to two years of probation with six months of home detention and a $10 million criminal fine.
CoinDesk: Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation2022-06-15
Benjamin Delo sentenced to 30 months of probation without home confinement and a $10 million criminal fine.
CoinDesk: BitMEX's Delo Will Not Face Prison After Guilty Plea2022-07-13
Samuel Reed sentenced to 18 months of probation and a $10 million criminal fine.
MLex: Somewhat less culpable BitMEX co-founder sentenced to US probation2022-08-08
Gregory Dwyer, former Head of Business Development, pleads guilty to violating the Bank Secrecy Act.
CoinDesk: BitMEX Executive Pleads Guilty to Violating Anti-Money Laundering Act2022-11-16
Gregory Dwyer sentenced to one year of probation and a $150,000 criminal fine.
Willkie Compliance Concourse: Fourth BitMEX executive sentenced2025-03-28
President Trump issues full pardons to Arthur Hayes, Benjamin Delo, Samuel Reed, Gregory Dwyer, and the corporate entity HDR Global Trading Limited, expunging all criminal convictions related to the BSA case.
CNBC: Trump Pardons Three BitMEX Crypto Exchange Co-FoundersDecision Log
- hash: GUznHkcigTc1oddWs6oFNy64ZDqXekuigqt7JLD5qTpw
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 6:58:49 AM
last updated: 5/31/2026, 6:58:54 AM
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