BitMEX founders step down following Money Laundery Charges

BitMEX have made a steep restructuring of its executive team following the recent legal filings against its founders by the CFTC. According to a press release from BitMEX today, the exchange revealed that founders Arthur Hayes and Samuel Reed have stepped down from their executive responsibilities as CEO and CTO respectively.

Furthermore, fellow founder Ben Delo will not hold any position within the company and Gred Dwyer will leave his position as the Head of Business Development. This decision comes following the backlash suffered by the company following news that the CFTC had filed legal charges against the founders of the exchange.

The regulatory body alleges that the founders had been operating an illegal exchange and also accused them of financial crimes ranging from money laundering and tax evasion. Following this revelation, BitMEX suffered massive withdrawals from users with over $500 million liquidated from the exchange by users.

This chain of events is what would have forced this latest upheavals as the parent company of BitMEX, 100x Group looks to steer the exchange in the right direction.

New BitMEX CEO

Vivien Khoo the current COO of the group has been promoted to Interim CEO and comes with vast experience having held positions at the Hong Kong Securities & Futures Commission.

Ben Radclyffe has also been promoted to the role of Commercial Director and will be granted enhanced responsibility for client relationship and handling oversight of financial products for the company.

Speaking on the latest developments, David Wong the Chairman of 100x Group, commented that the changes to the executive means that the company can focus on their core business of offering trading opportunities to clients. He added:

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.

It will be interesting to see how this latest development affects the perception of BitMEX within the crypto community.

Competitors are profiting

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