Arthur Hayes is the co-founder of BitMEX, one of the first major cryptocurrency derivatives exchanges. He obtained his BA in Economics from the Wharton School at the University of Pennsylvania in 2008 and moved to Hong Kong, where he worked as an equity derivatives trader at Deutsche Bank and Citigroup.
BitMEX
After leaving Citi in 2013, Hayes began trading Bitcoin and saw an opportunity for a professional-grade derivatives platform. He co-founded BitMEX (Bitcoin Mercantile Exchange) with Ben Delo and Samuel Reed. The exchange pioneered the perpetual swap contract, which became the most widely traded crypto derivative instrument globally. At its peak, BitMEX processed billions of dollars in daily trading volume.
DOJ Charges and Resolution
In October 2020, the U.S. Department of Justice charged Hayes and his co-founders with violations of the Bank Secrecy Act for failing to implement adequate anti-money laundering (AML) controls at BitMEX. Hayes surrendered to U.S. authorities in April 2021. In February 2022, he pled guilty to one count of violating the Bank Secrecy Act. He was sentenced to two years of probation and a $10 million fine — avoiding prison time.
Maelstrom and Writing
After stepping back from day-to-day operations at BitMEX, Hayes launched Maelstrom, a family office and crypto venture fund. He has become one of crypto’s most widely read essayists, publishing macroeconomic analysis and crypto market commentary on his Substack and blog. His writing blends global monetary policy analysis with crypto market positioning and has a significant following among traders and investors.
Education
Hayes holds a BA in Economics from the Wharton School of Business at the University of Pennsylvania.