On Monday, 12th of October 2020, Bitmex took to its Twitter account to announce the appointment of Malcolm Wright as the Chief Compliance Officer; by 100X Group. The 100X Group is the one behind HDR Global Trading Limited. The HDR Global Trading Limited, on the other hand, is the owner and operator of the BitMEX platform.
In this case, Malcolm will lead the 100X Group globally. He will also report to Vivian Khoo, the Interim Chief Executive Officer and Chief Operating Officer of the 100X Group. Malcolm’s appointment is a remarkable milestone for the BitMEX platform, a cryptocurrency exchange, and a derivatives trading platform. BitMEX platform awaits the User Verification Programme and to further enhance their compliance function.
Malcolm’s Work Background
Malcolm has a broad background in compliance and anti-money laundering (AML). He also speaks internationally on various digital finance topics, particularly the Financial Action Task Force (FATF), Recommendations for Virtual Asset Service Providers (VASPs).
Malcolm also sits on several international committees and currently chairs the Advisory Council and AML Working Group at Global Digital Finance. Global Digital Finance is an industry-led initiative in defining codes of conduct and acceptable practices of the virtual asset industry.
Malcolm’s Response to Appointment
Malcom said that compliance is non-negotiable, and a requirement for cryptocurrency exchanges to get embraced by regulators and institutional investors.
He also added that his vision is for 100X Group, through the BitMEX platform, to play a lead role in shaping how this industry collaborates with regulators. It is to ensure that everyone can securely avail of the digital market.
Malcolm also pointed out that he looks forward to bringing his leadership and expertise to bear as the industry swiftly changes with the incorporated regulations.
Recent Bitmex Scandals Leading To New Leadership
On the 1st of October 2020, the CFTC charged Bitmex exchange for going against Anti-Money Laundering regulations. It followed more implications by the commission and DOJ for going against the Bank Secrecy Act.
The CFTC then filed a lawsuit against Bitmex, demanding the closure of all derivative exchanges on Bitmex in the USA. On the 8th of October 2020, the 100X Group regrouped its leadership teams, following the previous saga. Bitmex CEO Arthur Hayes, and the CTO, Samuel Reed, got charged and arrested. However, Arthur had long since stepped from being CEO after the exchange’s implications on money laundering and other illicit activities.