The 100x Group, the parent company of BitMEX and the platform’s holding structure, has joined Global Digital Finance, or GDF, a major industry association advocating for digital assets. As a member of the GDF Protection Council, 100x will support a more inclusive and better regulated digital financial system, BitMEX announced on January 21.
The new partnership with GDF expands 100-fold efforts to foster collaboration between the public and private sectors to stimulate the regular adoption of cryptocurrencies. “Larger public-private partnerships are the only way to achieve widespread use of digital assets, and we want to be at the forefront of industry performance and governance standards,” said Alexander Hauptner, CEO of 100x.
The GDF was launched in March 2018 with the aim of bringing together the crypto industry, financial services and regulators to create an efficient and transparent ecosystem for all types of digital assets. So far, the association has attracted a number of prominent members from the industry including Coinbase, ConsenSys, and Huobi. Malcolm Wright, Director of Compliance 100 Times, joined GDF earlier in 2018 and is Chairman of its Advisory Board and Co-Chair of the GDF Working Group on Anti-Money Laundering.
The 100-fold entry into GDF comes amid an ongoing lawsuit against BitMEX filed by the US Securities and Exchange Commission. In late 2020, the CFTC filed civil suits against the company, accusing BitMEX of providing unregistered derivatives sales to US retail investors. BitMEX is expected to respond to the CFTC complaint by February 12, 2021.
BitMEX has struggled to strengthen its regulatory and regulatory work since the measure was lifted. On January 12, the company announced a new partnership with blockchain analytics firm Chainalysis to “detect, investigate and suppress illegal transactions.” Earlier in January, BitMEX announced that its entire user base had passed the mandatory KYC review.