Very recently the CFTC (Commodity Futures Trading Commission) charged BitMEX with illegally operating a crypto derivatives trading platform. Along with the company CEO and owners, allegations were also brought upon 5 corporate entities including the owner and operator of the BitMEX platform- HDR Global Trading Limited, and 100x Holding Limited – the holding group for HDR. Now, following these accusations, 100x Group has announced a change in its leadership on October 8.
The prime leadership positions of the CEO and the CTO were held by BitMEX founders Arthur Hayes and Samuel Reed respectively, both of whom have now decided to stand down. Along with Ben Delo, all three of the founders will be passing on their executive management responsibilities at the 100x Group, the company behind Bitmex. In addition, Greg Dwyer, the prior Head of Business Development, will be resigning too.
Fresh Faces at 100x
Fresh faces in the leadership include Vivien Khoo, who became a part of the group back in March 2019. Formerly the Chief Operating Officer of the 100x Group, she will now hold the position of the Interim CEO and take over further operational responsibilities. In the past, Vivien had worked with Goldman Sachs as the Managing Director of the Asia Pacific Compliance, and before that, with Hong Kong Securities & Futures Commission.
Stepping into the shoes of the Commercial Director is Ben Radclyffe, from now on who will be accountable for watching over client relationship handling and the oversight of financial products. Ben joined BitMEX very recently in March 2020; however, he has 20 years of background in finance and trading technology, and has previously worked for Deutsche Bank, UBS, and Tower Research Capital.
Meanwhile, there’s not much notable change in the leadership of the BitMEX tech team, who will presumably continue their administration and upgradation of the exchange platform as planned earlier.
David Wong, the Chairman of the 100x Group, had this to say on the company’s decision to bring about a change in their leadership:
These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance. We have an exceptional senior leadership team who are well-placed to continue the growth and development of the 100x Group, including completion of the BitMEX User Verification Programme. It is business as usual for us and we thank all clients for their continued support.