Thursday, July 29, 2021

Former Bank of China exec joins BitMEX operator as non-executive board director

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BitMEX’s mother or father firm 100x Group has employed a monetary veteran with an expert background together with the Financial institution of China.

In accordance with a Feb. 1 blog post on BitMEX, 100x has appointed former Chinese language banker Wai Kin Chim as its new unbiased non-executive board director.

A non-executive board member participates in policymaking and planning choices at a agency, in addition to monitoring the manager administrators and appearing within the curiosity of shareholders. Nevertheless, they don’t seem to be a part of the manager crew. 

Greatest known for his chief credit score officer place on the state-owned industrial financial institution, Financial institution of China, Chim brings greater than 30 years of economic experience together with worldwide banking, compliance, company governance and threat administration.

A spokesperson for 100x instructed Cointelegraph that Chim presently serves as an unbiased non-executive director at Hong Kong-based OCBC Wing Hold Financial institution, chairing the chance administration committee. Previous to becoming a member of OCBC Wing Hold, Chim was additionally an unbiased non-executive director for Commonplace Chartered Financial institution’s Chinese language division. The exec additionally held a senior place at Deutsche Financial institution.

Chim reportedly was the highest-paid government on the Financial institution of China, leaving his place in March 2015 amid pay cuts imposed on senior managers at Chinese language lenders.

The brand new senior rent at 100x comes shortly after the company appointed Alexander Hoptner — the previous CEO of German inventory change Börse Stuttgart — as its new CEO in January 2021. In accordance with the most recent announcement, each Hoptner and Chim will even be part of the board of administrators at 100x as of Feb. 1, 2021.

As beforehand reported, 100x has been actively strengthening its regulatory and compliance efforts amid an ongoing authorized motion introduced in opposition to BitMEX by United States securities regulators. In late 2020, the Commodity Futures Buying and selling Fee filed civil complaints in opposition to BitMEX, accusing the firm of offering unregistered derivatives sales to U.S. retail traders.

BitMEX subsequently introduced numerous measures to spice up its compliance together with a new collaboration with crypto intelligence firm Chainalysis and completing obligatory Know Your Customer checks. On Jan. 21, 100x joined Global Digital Finance, a serious trade affiliation advocating for the adoption of digital belongings.