The BitMEX founders leave their executive roles after CFTC brings charges with illegal activities
In a blog post on Thursday, 100x Group, the holding company that operates BitMEX, announced that founders Arthur Hayes and Samuel Reed have “stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect.”
The move comes after on Oct 1 the Commodity Futures Trading Commission (CFTC) and federal prosecutors charged the entity and its owners with Illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations.
Vivien Khoo, current chief operating officer, will become Interim CEO, while Ben Radclyffe, commercial director, will take on a supporting role with greater management of client relationships and oversight of 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,” said David Wong, chairman of 100x Group.
BitMEX has seen users rushing to withdraw their funds since the news broke out, though a spokesperson for the exchange said: “It is business as usual for the BitMEX platform.”