The restructuring within the BTC derivatives exchange BitMEX continues with the addition of Wai Kin Chim as an Independent Non-Executive Board Director of 100x Group. Additionally, the former Chief Credit Officer (CCO) at the Bank of China and the company’s recently appointed CEO will join the board of directors as of February 1st.
Former Bank of China Exec Heads Over BitMEX
According to a recent BitMEX statement, the appointment of Chim aims to enhance the company’s initiatives on “transforming the modern digital financial system into an inclusive ecosystem that embraces virtual assets.”
Thus, they have gone for a new Independent Non-Executive Board Director with over 30 years of international banking, corporate governance, risk management, and compliance experience.
Apart from his role at the Bank of China, Chim had served in other prominent institutions such as Deutsche Bank and Standard Chartered Bank.
“Wai Kin Chim is a veteran of some of the world’s leading financial institutions, and his contribution to strategic risk management cannot be understated. We are positioning the BitMEX platform to thrive in an environment in which governance, compliance, and performance will increasingly be a prerequisite for client trust and sustainable growth.” – commented 100x Group Chairman David Wong.
Additionally, Chim and Alexander Hoptner, the recently-appointed Chief Executive Officer, replacing Arthur Hayes, will join the board of directors at 100x from February 1st, 2021.
Fully Verified BTC Derivatives Platform
Chim’s appointment comes shortly after the exchange announced a significant milestone in its endeavor to be fully compliant with existing legislation.
As CryptoPotato reported in early January, BitMEX completed its User Verification Program, which had started a month earlier. Consequently, all customers have to verify their identities before trading, depositing, or withdrawing any assets on the platform.
Moreover, the exchange reported that it took just a month to reach a fully verified user base – meaning that 100% of the trading volume came from verified accounts.
These initiatives followed a massive blow the company suffered in October. At the time, the US Commodities and Futures Trading Commission charged five entities and three individuals, including the former CEO Hayes, who own the platform with illegally operating a crypto derivatives exchange and anti-money laundering violations.