BitMEX Executive Management Removed in Full After Accusations in the U.S.
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BitMEX Executive Management Removed in Full After Accusations in the U.S.

October 9, 2020      Atbash Amell

The executive board of the Bitcoin and crypto exchange, BitMEX, was removed from the office Thursday, October 8, 2020, after accusations by the U.S. Commodity Futures Trading Commission (CFTC). The company’s CEO Arthur Hayes and its founders were removed from their positions with “immediate effect“.

Vivien Khoo was appointed as the top executive, replacing Hayes. After serving as a chief operating officer at BitMEX’s parent company, 100x Group. According to a statement from the company, the technology team will now manage the daily tasks of the exchange. Regarding the departure of the directors, the following was highlighted:

Founders Arthur Hayes and Samuel Reed have stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect. With fellow Founder Ben Delo, they will not hold executive positions in the 100x Group. Additionally, Greg Dwyer will take a leave of absence from his role as Head of Business Development” – – – Official statement from BitMEX.

BitMEX’s Commercial Director, Ben Radclyffe, will now assume new roles. That will be oriented towards customer relations and financial product oversight. David Wong, president of 100x Group, commented that they were made. To focus on the “core business” of offering commercial opportunities through BitMEX.

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BitMEX, Regulations and the United States

The changes to the Bitcoin and crypto exchange come a week after the U.S. regulatory commission accused him of operating illegally in the country. The CFTC pointed out to BitMEX for violating anti-money laundering regulations and offering trading services illegally.

Cryptoknowmics reported on October 3, 2020, that co-founder of the exchange, Samuel Reed, and others were scheduled to be brought before a federal court for testimony.

One day after the CFTC indictment, BitMEX users had already removed thousands of bitcoins from the platform for fear of potential closure. In a few hours, the operators withdrew more than 48,000 bitcoins, which at the time represented some $500 million.

Now the difficulties for the exchange platform seem to multiply. The blockchain research firm, Chainalysis, announced that it will report as risky operations all those involving BitMEX. Chainalysis will categorize the exchange as “high risk“.

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In an email sent to its users, Chainalysis detailed that “any transfer after October 1st must be considered high risk“. The message was addressed to those using the Chainalysis KYT (Know Your Transfer) API.

It is not that Chainalysis is able to block this type of operations, but that it will warn its clients about transactions made from the exchange. That is to say, the client is the one who will decide if he considers the warning or not.

#100x Group #Arthur Hayes #Ben Delo #Ben Radclyffe #Bitmex #Commodity Futures Trading Commission (CFTC) #David Wong #Samuel Reed #United States #Vivien Khoo
Atbash Amell
Atbash Amell

The best things in life are encrypted: 1. G-d, 2. The heart of our soul mate, 3. real money (bitcoin), 4. and a hack-resistant computer.