Sam Bankman-Fried, the disgraced founder of the collapsed cryptocurrency exchange FTX, is reportedly seeking a presidential pardon from Donald Trump, according to sources close to the case. The move has sparked outrage in the UK, where financial regulators are demanding that the former billionaire face the full consequences of his actions.
Bankman-Fried, currently serving a 25-year sentence for fraud and conspiracy, has allegedly approached Trump’s legal team with a plea for clemency. The request comes as his legal team argues that the sentence was excessive and politically motivated. However, UK regulators, including the Financial Conduct Authority, have warned that any pardon would undermine international efforts to hold crypto executives accountable.
“This is not just an American issue,” said a spokesperson for the FCA. “Thousands of British investors lost their savings in FTX’s collapse. A pardon would send a dangerous message that the wealthy can evade justice, no matter the damage they cause.”
Bankman-Fried’s trial in New York revealed a web of deceit: he used customer funds to prop up his trading firm, Alameda Research, and made lavish political donations to both US parties. The UK’s Serious Fraud Office has been monitoring the case closely, with some MPs calling for extradition to face British charges.
For ordinary people in Britain, the scandal is a stark reminder of the risks of unregulated finance. Sue Maxwell, a 58-year-old from Manchester, lost £12,000 in the FTX crash. “It was my retirement savings,” she said. “He took that from me and now he wants a pardon? That’s a slap in the face.”
The request for a pardon also ignites debate about Trump’s relationship with cryptocurrency. During his presidency, Trump was sceptical of digital assets, but he has since launched his own NFT collection. Critics argue that a pardon would be a quid pro quo for Bankman-Fried’s past donations to the Republican party.
Labour MP Angela Rayner condemned the move: “This is a test of whether our justice system works for everyone or just the super-rich. The UK must ensure that Bankman-Fried is not allowed to escape accountability, whether through a US pardon or any other loophole.”
The FCA has tightened regulations on crypto firms since FTX’s collapse, but campaigners say more needs to be done. “We need a global framework to stop these fraudsters,” said James Turner, a financial analyst. “Bankman-Fried’s case shows that national borders are no barrier to financial crime.”
As Bankman-Fried languishes in a Brooklyn jail, his fate remains uncertain. Trump has not commented on the pardon request, and legal experts say it is unlikely to succeed. But for the thousands of British victims, the damage is already done. “He ruined lives,” said Maxwell. “A pardon would be a second betrayal.”
