Hayes' Crypto Comeback: From BitMEX Founder to Pardoned Pioneer

Arthur Hayes is a well-known figure in the crypto world, credited with inventing the perpetual swap that transformed trading. He co-founded BitMEX, which became a derivatives powerhouse before he stepped down as CEO due to legal issues. Hayes was charged and pleaded guilty to operating an unregistered platform and violating the Bank Secrecy Act but was later pardoned by Donald Trump in 2025.

Hayes grew up in Buffalo, New York, and graduated from Wharton School at the University of Pennsylvania in 2008 with a degree in economics. He moved to Hong Kong to start his banking career, working at Deutsche Bank and Citibank before being laid off in 2013. This experience led him to explore Bitcoin for the first time.

In 2014, Hayes co-founded BitMEX, which quickly gained popularity with its complex products and high leverage. The perpetual swap, introduced by Hayes, became an industry standard, adopted by exchanges like Binance and Bybit. However, his time as CEO was cut short when he faced charges related to the Bank Secrecy Act.