BitMEX has been in the spotlight over the past week following accusations from the CFTC and DOJ. On 8 October, the 100x group went ahead to regroup its leadership positions in the legal saga’s wake. The company is the owner and operator of the BitMEX exchange and HDR Global Trading Limited holding group.
After the charges put forward by the DOJ came the arrest of BitMEX CEO, Arthur Hayes, and the CTO, Samuel Reed. Arthur had long since stepped from his position after the exchange’s implications on money laundering and other illicit activities.
More on the 100x Changes
The 100x Group gained the approval of the founders before these changes happened. The announcement confirmed that Arthur and Samuel, accompanied by their colleague Ben Delo, would not hold any executive roles. Furthermore, the Head of Business Development, Greg Dwyer, is subject to a leave of absence.
In turn, the Chief Operating Officer of 100x, Vivien Khoo, will take over the acting CEO’s role. She assumes the position following an excellent experience in the field, having been the Managing Director at Goldman Sachs and additional positions in the Hong Kong Securities and Futures Commission.
Moreover, previous Commercial Director Ben Radclyffe will handle client relationships and financial products. The leaders in the group’s technological sector will remain the same, carrying out all functions to boost the exchange’s performance.
In his opinion, the 100x group Chairman mentioned that the reshuffling would help them focus on their primary agenda to facilitate exceptional trading opportunities to all BitMEX users. Besides, he added that the move would help maintain high levels of governance within the company. He appreciated the existent leadership, keeping faith that all development will continue, including for the BitMEX User Verification Programme.
Recent Scandals Leading to the Changes
According to the charges at hand, some of the defendants knew their obligations to U.S. regulations to serve the American citizens. However, the prosecution pointed out the deliberate violation of the laws in place.
Likewise, the CFTC filed a lawsuit against the exchange demanding the cessation of all derivative exchanges on BitMEX in the U.S. Currently, the exchange’s future is shaky as more traders drain their bitcoin holdings withing it. Only time can tell if the leadership changes will give all clients more faith in BitMEX and the 100x group at large.