BitMEX Co-Founders Step Down from Management Roles
- All of them are facing criminal charges in the United States.
Arthur Hayes, Samuel Reed, and Ben Delo, the three co-founders of the crypto derivatives Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term BitMEX and its parent 100x Group, have stepped down from all management roles as they are facing criminal charges in the United States.
Hayes was the chief executive officer at 100x Group, while Reed was the chief technology officer. Delo, on the other hand, was named as the ‘mastermind of BitMEX’s trading engine and flagship product,’ but his official role is not known.
Greg Dwyer, BitMEX’s first employee and the current business development head, also took an indefinite leave as his name was mentioned in the lawsuit.
Thursday’s announcement detailed that 100x Group’s chief operating officer, Vivien Khoo, will become the interim CEO. She is a Goldman Sachs veteran and joined the crypto exchange in March 2019.
Commercial director, Ben Radclyffe will take additional charges of handling client relationships and will also oversee financial products.
“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,” 100x Group chairman, David Wong said in a statement.
Doom of a Giant?
BitMEX gained popularity as a crypto derivatives platform by offering high leverages to traders. After years of operation, it received a massive blow last week as the US authorities legally moved against the exchange and the co-founders.
The FBI prosecutors separately indicted the co-founders and Dwyer, bringing criminal charges against them.
In an official statement, BitMEX denied of any regulatory violations in the US.
BitMEX is facing huge losses because of these charges, as crypto traders are moving their funds out of the Seychelles-registered exchange.
Arthur Hayes, Samuel Reed, and Ben Delo, the three co-founders of the crypto derivatives Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term BitMEX and its parent 100x Group, have stepped down from all management roles as they are facing criminal charges in the United States.
Hayes was the chief executive officer at 100x Group, while Reed was the chief technology officer. Delo, on the other hand, was named as the ‘mastermind of BitMEX’s trading engine and flagship product,’ but his official role is not known.
Greg Dwyer, BitMEX’s first employee and the current business development head, also took an indefinite leave as his name was mentioned in the lawsuit.
Thursday’s announcement detailed that 100x Group’s chief operating officer, Vivien Khoo, will become the interim CEO. She is a Goldman Sachs veteran and joined the crypto exchange in March 2019.
Commercial director, Ben Radclyffe will take additional charges of handling client relationships and will also oversee financial products.
“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,” 100x Group chairman, David Wong said in a statement.
Doom of a Giant?
BitMEX gained popularity as a crypto derivatives platform by offering high leverages to traders. After years of operation, it received a massive blow last week as the US authorities legally moved against the exchange and the co-founders.
The FBI prosecutors separately indicted the co-founders and Dwyer, bringing criminal charges against them.
In an official statement, BitMEX denied of any regulatory violations in the US.
BitMEX is facing huge losses because of these charges, as crypto traders are moving their funds out of the Seychelles-registered exchange.