Major crypto derivatives exchange BitMEX is now seemingly working on all fronts in order to strengthen their positions amid regulatory crackdown and growing competition.
Alexander Höptner, CEO of 100x Group, the holding behind the platform, revealed more details about his plain vanilla, or basic financial product strategy.
The exchange is planning to launch spot trading, brokerage, and custody services and they might build these solutions by themselves or buy something, Höptner told Bloomberg.
He also added that they’re now engaging with regulators globally to get to the point where BitMEX can provide services on a regulated basis, and also work to help shape government oversight. The company aims to contact regulators where BitMEX is not present too.
The exchange now offers perpetual contracts and futures, while also offering up to 100x leverage on some of its products. According to the company, corporate customers now represent about 60% of volume (USD 1trn over the past year).
Meanwhile, according to a court filing in February, Arthur Hayes, Founder and ex-CEO of BitMEX who is wanted by the US government, is negotiating his surrender conditions. Per the filling, Hayes, who is now residing in Singapore, might surrender on April 6 in Hawaii.
“The idea would be that he would appear initially in Hawaii, then appear before your Honor remotely, and then he would continue to reside abroad with travel to the United States for appearances as needed and, of course, if there is a trial, that he would appear within the United States for that trial in New York,” Jessica Greenwood, assistant US attorney in Manhattan, was quoted as saying in a transcript of a February 9 hearing.
Also, per the document, at the time, the were discussions with another BitMEX co-owner, Ben Delo, regarding his surrender, while against Greg Dwyer, who is now residing in Bermuda, extradition proceedings have been started. Third co-owner, Samuel Reed, was already arrested on October 01, 2020, but later released on a USD 5m appearance bond.
As reported, three owners of BitMEX and five related companies were charged with operating an unregistered trading platform and violating multiple regulations, including the Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act, each of which carries a maximum penalty of five years in prison.
In October, Hayes and Reed stepped back from their respective CEO and CTO roles in the 100x Group which they founded, and which is the holding group for HDR Global Trading.
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Learn more:
– BitMEX Founder Arthur Hayes Returns to Tout The Crypto Game
– BitMEX’s 100x Group Finds Replacement For Arthur Hayes In Europe
– BitMEX Completes Accelerated Verification, Secures ‘Vast Majority’ Of Volume
– This Is How BitMEX Juggled Private Keys Amid Crackdown
– ‘The Game Has Changed,’ Says Arthur Hayes As BitMEX to Verify All Its Traders
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