Arthur Hayes steps down as head of BitMEX after CFTC accusations

Arthur Hayes steps down as head of BitMEX after CFTC accusations

  • All founders will leave the well-known cryptocurrency exchange

  • The dismissal decision comes a week after the accusations from the American regulator

  • Also, reshuffles are taking place at the parent company BitMEX

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BitMEX founders Arthur Hayes and Samuel Reid lost their jobs amid CFTC allegations

Arthur Hayes steps down as head of BitMEX after CFTC accusations

BitMEX head Arthur Hayes will leave his post amid accusations by the Commodity Futures Trading Commission (CFTC) against the management of the trading platform. Together with him, the co-founder and technical director of BitMEX Samuel Reid will leave the exchange.

Update. BitMEX CTO Samuel Reid released on $ 5 million bail. In early October, the US Department of Justice arrested Reed for violating bank secrecy laws.

According to the official announcement, the BitMEX Chief Strategic Development Officer Ben Delo will also leave the exchange, and the head of the development department Greg Dwyer has been temporarily suspended from his duties..

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Vivienne Cu, Chief Operating Officer of 100x Group, BitMEX’s parent company, has been appointed acting head of BitMEX. Prior to BitMEX, Ku held positions at the Hong Kong Securities and Futures Commission.

BitMEX Chief Commercial Officer Ben Radcliffe is now in charge of customer relations and overseeing the exchange’s financial products.

100x Group Chairman David Vaughn stated that the reshuffle is due to the exchange’s desire to focus on better conditions for BitMEX clients:

“This is business as usual for us and we thank all our customers for their continued support.”.

Arthur Hayes steps down as head of BitMEX after CFTC accusations

Illegal business

Recall that the owners of the platform, including its co-founder and CEO Arthur Hayes, are accused of violating several regulatory requirements at once. In particular, in a statement published on the CFTC website, it is said that the company operated an unregistered trading platform and did not provide the necessary measures to combat money laundering..

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Stephen Pally, partner at the law firm Anderson Kill P.C, noted that violations of the bank secrecy law are punishable by very severe punishment, up to and including imprisonment.

Almost immediately after the accusations by the regulator, exchange users withdrew more than 50 thousand bitcoins (at the current rate of ~ $ 528 million).

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