BitMEX’s parent company, 100x Group, has hired a financial veteran with a professional background, including the Bank of China.
According to a blog post by BitMEX on Feb.1, 100x has appointed former Chinese banker Wai Kin Chim as the new independent non-executive director.
A non-executive board member participates in political and planning decisions in a company as well as in monitoring the executive directors and acting in the interests of the shareholders. However, you are not part of the leadership team.
Chim is best known for his position as Chief Credit Officer at the state-owned commercial bank, Bank of China, and has over 30 years of financial expertise including international banking, compliance, corporate governance and risk management. The managing director also held senior positions at major financial institutions such as Standard Chartered Bank and Deutsche Bank.
Chim was reportedly the highest paid manager at the Bank of China and left his position in March 2015 due to wage cuts imposed on senior managers at Chinese lenders.
The new senior hire at 100x comes shortly after the company appointed Alexander Hoptner – the former CEO of Deutsche Börse Stuttgart – as the new CEO in January 2021. According to the latest announcement, both Hoptner and Chim will also join the board of directors at 100x from February 1, 2021.
As previously reported, 100x has actively stepped up its regulatory and compliance efforts in the context of an ongoing legal action brought by US securities regulators against BitMEX. In late 2020, the Commodity Futures Trading Commission filed civil lawsuits against BitMEX, accusing the company of offering unregistered derivative sales to U.S. retail investors.
BitMEX then announced a number of measures to improve compliance, including a new collaboration with crypto intelligence company Chainalysis and conducting mandatory Know Your Customer reviews. On January 21st, 100x joined Global Digital Finance, a large industry association that advocates the adoption of digital assets.