Cryptocurrency exchange BitMEX changes its top leadership after the US law enforcement agencies charged the top four executives for running an unregulated derivatives exchange.

Arthur Hayes is no Longer the BitMEX’s CEO

According to BitMEX’s announcement, Arthur Hayes is no longer the Chief Executive of the exchange. Similarly, Samuel Reed is also removed from the CTO position of BitMEX. Ben Delo, who was holding leading positions at the exchange’s parent company 100x Group, has also abandoned executive status.

The current chief operating officer at 100x Group, Vivien Khoo, will become the new interim CEO of BitMEX. She has a wide experience as she worked as managing director at Goldman Sachs. She also worked at Hong Kong Securities and Futures Commission. Per the announcement, Ben Radclyffe is going to hold the position of commercial director along with other responsibilities such as client relationships.  Radclyffe has extensive experience in finance as he worked with Tower Research Capital, UBS, and Deutsche Bank.

Chairman of 100x Group, David Wong, states the changes in the leadership show that they are very serious about providing “superior trading opportunities” while keeping the governance good. The company is having an exceptional team having highly rated skills to run the derivatives cryptocurrency exchange.

Changes due to Lawsuit put forward by US Authorities

The changes in the company are not strange because they are expected after the Commodities Futures Trading Commission (CFTC) and the Department of Justice (DOJ) charged four top leaders of the company.

On October 1, the Commodities Futures Trading Commission charged four leaders of BitMEX, including Arthur Hayes for running “an unregulated cryptocurrency exchange” and violation of rules and regulations of CFTC such as Know-your-customer and anti-money laundering policies. On the other hand, the Department of Justice charged supreme officials in violation of the Bank Secrecy Act.

After the attack of the US authorities on the exchange, the trading volume of BitMEX has dropped drastically. Millions of dollars are withdrawn from the exchange shortly after the news.

However, it decided to fight the lawsuit registered by CFTC and DOJ. “We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously,” said the spokesperson of HDR Global Trading, the parent company behind the exchange.