In a shocking and unprecedented move, President Trump has expanded his pardon power to include corporations. This decision is the first of its kind in U.S. history, raising serious questions about accountability for large businesses, especially those involved in criminal activity.
Corporations, by nature, are created to maximize profits for shareholders. But they are also capable of committing crimes and being charged for them. A 1999 Justice Department memo emphasized that prosecuting corporations helps deter massive crimes that can harm the public, such as financial fraud.
Now, with Trump’s pardon of the cryptocurrency company BitMEX, those protections are at risk. On Friday, the president issued full pardons for four individuals linked to the company and the exchange itself, which had been convicted of serious violations.
BitMEX, a cryptocurrency exchange that deals in derivatives tied to digital currencies like Bitcoin, was found guilty of violating the Bank Secrecy Act. The company failed to implement an anti-money laundering program, allowing anonymous trading until 2020. This made it easier for criminals to operate with little oversight.
In January 2025, BitMEX was hit with a $100 million criminal fine and additional penalties from the Commodities Futures Trading Commission, totaling $130 million. Despite claiming it didn’t operate in the U.S., BitMEX’s business had a significant American customer base. The company’s actions put the financial system at risk, according to Damian Williams, former U.S. Attorney for the Southern District of New York. He said BitMEX “opened itself up as a vehicle for large-scale money laundering and sanctions evasion schemes.”
The pardons Trump granted wipe away these penalties and protect the company from future prosecution. BitMEX, which had already seen a surge in trading activity, now faces no further legal consequences for its past actions. This move raises concerns about the message it sends to other corporations, particularly in the cryptocurrency space.
This decision is particularly troubling because it suggests companies involved in major financial crimes can avoid punishment under Trump’s leadership. And it seems that the company may continue its prior illegal practices without fear of being held accountable.
For the American people, especially the 77 million voters who supported Trump, this decision highlights a disturbing trend: corporations can operate with impunity when they have the right political connections. The biggest losers here are ordinary Americans, who are left to deal with the fallout from these corporate misdeeds.
