- Net worth
- Unknown
- Crimes
- regulatory, money laundering
- Convicted of
- Violation of the Bank Secrecy Act (failure to maintain AML program at BitMEX)
- Original sentence
- 30 months probation; $10 million criminal fine (June 2022)
- Time served
- Probation; pardon March 2025
Background
Benjamin Delo was a co-founder of BitMEX, a cryptocurrency derivatives exchange. He pleaded guilty in February 2022 to violating the Bank Secrecy Act and was sentenced to probation and a $10 million fine.
The Case
Delo and BitMEX co-founders Arthur Hayes and Samuel Reed, along with head of business development Gregory Dwyer, were charged with willfully failing to establish and maintain an anti-money laundering program and “know your customer” requirements. BitMEX was incorporated offshore and allowed U.S. users to trade without proper AML controls, facilitating anonymous trading and enabling use by bad actors. The Department of Justice alleged that the platform was used to launder proceeds of cryptocurrency hacks and that it served users in sanctioned jurisdictions. Delo pleaded guilty and was sentenced in June 2022 to 30 months probation and a $10 million criminal fine. The conduct undermined anti–money laundering safeguards and the integrity of the financial system.
The Pardon
On March 27, 2025, President Trump granted Delo a full pardon.
Sources
- DOJ Pardon Warrant
- DOJ Clemency Grants
- Global cryptocurrency exchange BitMEX pleads guilty to Bank Secrecy Act offense (DOJ USAO-SDNY)
- U.S. charges BitMEX cryptocurrency founders with failing to prevent money laundering (Reuters, Oct 2020)
- Founders of crypto exchange BitMEX plead guilty (Reuters, Feb 2022)
- BitMEX co-founder Benjamin Delo sentenced to 30 months probation (The Block, June 2022)