Arthur Hayes Will Step Down As 100X CEO In BitMEX Aftermath

In the BitMEX Aftermath, we can see that Arthur Hayes will step down as the 100X CEO, which is the company behind the derivatives platform BitMEX, effective immediately. In our crypto news today, we are reading more about his decision.

After the fiasco between the United States Commodity and Futures Trading Commission and the exchange which is one of the biggest derivatives platforms, there will be many shifts in the management of the exchange. According to the official announcement, Arthur Hayes will step down as the CEO of 100X, the company that operates BitMEX. In his place, Vivien Khoo who is the chief operating officer at 100X Group will become the interim CEO and will continue with additional operational responsibilities.

Samuel Reed, the chief technology officer also stepped down and the fellow under Ben Delo, will not hold his executive position as well. In the meantime, the former head of Business Development Greg Dwyer will take a leave of absence from his role.
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The changes will come in effect immediately and the press release also said that the senior leaders in the technology team will continue their day to day management on the exchange.

Commenting on the matter was David Wong, chairman of the 100X Group that said:

 “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.”

As reported earlier, the US CFTC charged the operators of BitMEX will illegally running a crypto derivatives platform with breaches of the US Bank Secrecy Act. While the CFTC previously filed a civil lawsuit against BitMEX, the FBI is coming after the exchange with criminal charges and the maximum penalty will be 5 years in prison. BitMEX is an extremely popular crypto exchange that introduced perpetual swap contracts for BTC which have now become the main standard in the industry. The exchange is a favorite among the BTC traders because of the ease of access. Before this year, the exchange didn’t require KYC or AML verification but from August this year, they reported implementing mandatory KYC regulations.