On October 1, the CFTC (Commodity Futures Trading Commission) and federal prosecutors accused BitMEX of facilitating unregistered transactions, especially in Bitcoin (BTC). Following the alleged breaches of the exchange, the latter reshuffled its management team. It resulted the resignation of one of the founding members and also CEO of the company, namely Arthur Hayes. This unexpected departure was followed by other equally important ones as they also involved other founders of the exchange. We will tell you more about it below.
A new management team formed thanks to promotions
In addition toArthur Hayes, founder and CEO of Bitmex, three other trade figures move away from decision-making positions. These include Samuel reed –the second co-founder and technical director-, Greg Dwyer –Head of Business Development– and Ben delo also co-founder of the exchange. The announcement of these departures was made in a blog post by 100x which is nothing other than the group of operator BitMEX HDR Holdings. The post also specifies that the managers will no longer occupy any other management position within the 100x group. However, the exchange did not look too far to find their replacement as evidenced by the identity of the lucky ones.
So, Vivien Khoo who held the position of Chief Operating Officer was chosen as interim CEO by the board of directors in place of Mr. Hayes. Before joining the exchange, Mr. Khoo had to work at Goldman Sachs and at the Hong Kong Securities and Futures Commission. Commercial director of the company before this wave of resignation, Ben radclyffe will take the responsibilities of Mr. Reed as Technical Director of the exchange. He will play a support role in particular a better management of customer relations and supervision of financial products.
Changes that in no way impact the vision of the exchange
This is the confident message that David Wong, president of 100x whose words were echoed in the ad. ” These changes in the direction of our company mean that we can focus on our core business of offer superior trading opportunities to all our clients through the BitMEX platform, while maintaining the highest standards of corporate governance. We have an exceptional management team that is well positioned to continue the growth and development of the 100x group, including the completion of the BitMEX user verification program. For us this is the status quo and we thank all customers for their support ” did he declare.
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