BitMEX Operator 100x Group Hires New CEO Amid Legal Woes

100x Group, the operator of popular cryptocurrency derivative platform BitMEX, has appointed Alexander Höptner as its new Chief Executive Officer (CEO). 

According to a press release today, Höptner’s appointment will help reignite the company’s vision of shaping the evolution of digital financial service by offering strategic investments and innovation. 

“I am proud to join 100x Group because I share the global ambition and audacity of its founders and employees to create an ecosystem of cryptocurrency technology that will improve lives,” Höptner said. 

Based on the development, Höptner will replace Vivien Khoo, who took over the role in October 2020 following the resignation of Arthur Hayes

Before this time, Höptner was CEO of Börse Stuttgart GmbH, where he led the exchange to become Germany’s first regulated trading venue for cryptocurrency. 

BitMEX operator hopes that Höptner will deploy his years of expertise in the financial industry to boost the company’s operations and keep it away from impending sanctions in the United States. 

Commenting on the development, Dr. David Wong, 100x Group Chairman, said Höptner joins the firm at a time when it is undergoing a transformational journey into its next stage of growth.

“I am confident that with his experience, he will make a major contribution,” Wong added.

U.S. Regulators Charge BitMEX

Recall that the U.S. Commodity Futures Trading Commission (CFTC) and the U.S Department of Justice slammed civil enforcement charges against BitMEX for violating several U.S. regulations in October. 

The CFTC also indicted Hayes and two other execs for their roles in setting up different firms that operated the exchange. 

100x rebuffed the charges and promised to do everything possible to put an end to the lawsuit in earnest. 

Follow the lawsuits, the firm has made significant efforts to prepare for the legal battle.  In October, 100x announced a new compliance officer, Malcolm Wright, who has a strong background in anti-money laundering. 

Furthermore, BitMEX accelerated its compulsory know-your-customers (KYC) deadline to convince regulators of its commitment to comply with established regulations. 

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Author: Lele Jima

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Author: Lele Jima