The BitMEX founders were previously charged for failing to stop money laundering and illegally operating an unregistered trading platform in the United States.
The operator of the crypto derivatives exchange BitMEX 100x Group has hired the experienced anti-money laundering specialist Malcolm Wright to head the compliance department
In an October 12 announcement , 100x Group praised Wrights as the current chairman of the advisory board and AML working group at Global Digital Finance and a speaker on key topics, including the recommendations of the Financial Action Task Force for virtual asset service providers.
The 100X Group had redesigned its top management last week, removing BitMEX co-founders Arthur Hayes, Samuel Reed and Ben Delo from management positions. Hayes, Reed and Delo were all indicted in a civil lawsuit by the US regulatory agency, the CFTC, for operating an unregistered trading platform in the US and for violating anti-money laundering regulations.
In parallel, the Justice Department has indicted the co-founders and Geoff Dwyer . He was subsequently on leave from his position as head of economic development
Without addressing these recent allegations directly, 100x Group has officially stated, „The appointment of Malcolm is a remarkable milestone for us as we complete our user review program and further strengthen our compliance efforts.“
Wright’s LinkedIn profile states that he spent nearly two and a half years at Global Finance. He was also a member of the advisory board for London-based Commercial Passport KYC and an associate partner at the Royal United Services Institute, which contributes to political debates on white-collar crime. He is also the founder of the Financial Crime Compliance consulting firm and the former head of compliance at Diginex and EQUOS.
The 100x Group is facing the great challenge of washing the stock exchange’s image clean again. In comments, it said the allegations against the BitMEX team have harmed the entire industry and could spark a regulatory backlash against the entire crypto space.