BitMEX Appointed New Chief Compliance Officer With AML Experience

BitMEX appointed a new chief compliance officer since the restructuring in the 100x group is ongoing, and the company tries to further enhance its compliance function so let’s find out more in our latest crypto news.

The 100X group, which is the company behind the popular BTC derivatives platform BitMEX appointed a new chief compliance officer-Malcolm Wright. According to the official announcement, Wright will lead the company’s compliance efforts across the world and he will assist with BitMEX’s goal to complete the User Verification Programme to further enhance the compliance function.

We are glad to announce the appointment of Malcolm Wright as Chief Compliance Officer, who will lead our global efforts to enhance our compliance function. More details on our blog: https://t.co/YcGXkUUIg0

— BitMEX (@BitMEX) October 12, 2020

Wright has a 30-year experience in compliance and anti-money laundering while he is now sitting on multiple international committees. He also chairs the Advisory Council and AML working Group at other crypto-based company named Global Digital Finance. Wright commented:

“For me, compliance is non-negotiable, and a prerequisite for exchanges to be embraced by regulators and institutional investors alike. My vision is for 100x Group, through the BitMEX platform, to play a lead role in shaping how this industry collaborates with regulators to ensure everyone can safely avail of digital markets.”

The statement explained that Wright will report to the Interim Chief Executive Officer and Chief Operating Officer- Vivian Khoo. Khoo took the new CEO Role after the previous CEO Arthur Hayes stepped down last week. As we reported earlier, the US Commodity and Futures Trading Commission charged the owners of BitMEX namely Hayes, Samuel Reed, and Ben Delo, with illegally operating a derivatives platform. This led to major internal changes in the 100x group, with the latest appointment being the new change.

BitMEX CTO Samuel reed was released from custody pending trial on the unsecured $5 million appearance bond with $500,000 in cash. Reed was charged with violating the Bank Secrecy Act and failure to establish an AML program at the platform while other executives stepped down from their leadership positions. The BitMEX CTO Samuel Reed was arrested a few days ago and presented in federal court in Massachusetts. He attended the court hearing about the indictment for violating the Bank Secrecy Act and failing to implement enough AML controls for the US Customers at the crypto exchange.

Samuel Reed’s unsecured appearance bond that was worth $5 million secured by $500 in cash was approved in two days based on the documents recently retrieved by The block. Half a million dollars will act as a security for the timely appearance in court and this money will be subjected to forfeitures in the event of a no-show.