BitMEX, the 100x Group, cryptocurrency exchange operator, has appointed anti-money laundering expert Malcolm Wright as Head of Compliance.
In the October 12 announcement, 100x highlighted Wright’s standing as the current chair of the Global Digital Finance Advisory Council and the Anti-Money Laundering Working Group, and as a speaker covering key topics including the Money Laundering Financial Action Task Force (FATF) for vendor recommendation services from virtual assets. …
Last week, the 100X group mingled its top management and removed BitMEX founders Arthur Hayes, Samuel Reed and Ben Dell from the leadership roles. The US Commodity Futures Trading Commission charged Hayes, Reed and Delo in a civil law enforcement action with using an unregistered trading platform in the US and violating anti-money laundering rules.
In parallel, the Department of Justice opened criminal cases against the co-founders, as well as against their colleague Geoff Dwyer, who later resigned as Head of Business Development.
Without explicitly referring to the recent allegations, the 100x Group officially stated that “the Malcolm Agreement is a milestone for us on our journey towards completing our user verification program and further improving our compliance function.”
Wright’s LinkedIn profile reveals that he has worked for nearly two and a half years in global finance, in parallel with his roles as an advisory board member of the London-based Commercial Passport KYC and an assistant professor at the Royal United Services Institute for Policy Debate. On economic crimes. He is also the founder of the Financial Crime Advice Service and former head of the compliance division at Diginex and EQUOS.
The 100x group faces a huge challenge to rebuild the stock image. Commentators argue that the allegations against the BitMEX team have cast a shadow over the industry as a whole and could spark a regulatory setback in the crypto space.