BitMEX Operator Hires New Compliance Officer in Wake Legal Woes

100x Group, the group behind HDR Trading Global Limited, which operates the BitMEX platform, announced today that it has onboarded a new compliance officer, Malcolm Wright. The recruit will lead the company in rebuilding the already maligned relationship that it has with offshore regulators.

According to today’s announcement, Wright has a strong background in anti-money laundering (AML) and has been featured extensively on speaker panels involving the implementation of the Financial ActionTask Force (FATF) Recommendations for crypto-related businesses.

Wright’s first task at the new firm will include ensuring that the BitMEX platform completes its ongoing user verification campaign. 

Violating anti-money laundering (AML) requirements was one of the charges leveled against the company’s founders by U.S authorities in the buildup to the arrest of former CTO, Samuel Reed.

While Reed has been released on a $5 million bond, BitMEX’s latest move is apparently seeking to regain the favor of regulators and public trust after a mass withdrawal of funds ($243 million in 1 hour) from the platform in light of recent events.

Commenting on his new role at 100x Group, Malcolm Wright stated that regulatory compliance is a measure that exchanges and institutional investors must embrace. He further pledged to help BitMEX “play a lead role in shaping how [the industry] collaborates with regulators to ensure everyone can safely avail of digital markets.”

Meanwhile, it is worth noting that Malcolm’s recruitment follows other changes in leadership positions at 100x Group within the past week. Coinfomania reported that former CEO and CTO Arthur Hayes and Samuel Reed stepped down immediately after the legal filings.

The Chief Operating Officer of 100x, Vivien Khoo, who joined the company in March, was named Interim CEO to fill Hayes’ seat, while Ben Radclyffe who held a position as a Commercial Director was appointed director of Client Relationship and Financial Product Oversight.