BitMEX’s parent company, the 100x Group, has hired a seasoned financial expert with professional experience, including with Bank of China.

According to a February 1 blog on BitMEX, 100x named former Chinese banker Wai Kin Chim as his new Independent CEO on the board.

A non-member of the Board of Directors participates in setting policies and planning the decision in the company, in addition to supervising the executive heads and working in the interests of shareholders. However, they are not part of the management team.

Known for his position as chief loan executive at the state-owned Commercial Bank of China, Shim has more than 30 years of experience in finance, including international banking, compliance, corporate governance and risk management.

A spokesperson told Cointelegraph 100 times that Chim is currently an independent non-executive director at Hong Kong-based OCBC Wing Hang Bank and chair of the steering committee. Prior to joining OCBC Wing Hang, Shim was also a Independent Non-Executive CEO of Standard Chartered Bank’s China division. The CEO has also held a senior position at Deutsche Bank.

Chim is said to have been the highest paid leader at Bank of China, leaving his post in March 2015 due to salary cuts to top executives from Chinese lenders.

The new management came 100 times shortly after the company appointed Alexander Hauptner – former chief executive of the German Stock Exchange Bors Stuttgart – as its new CEO in January 2021. 100 times from February 1, 2021

As previously reported, 100x is strengthening its regulatory and regulatory requirements in the midst of ongoing legal action against BitMEX by the US Securities and Exchange Commission. In late 2020, the Commodity Futures Trading Commission filed a civil suit against BitMEX, accusing the company of selling unregistered derivatives to US retail investors.

BitMEX then announced a number of compliance measures, including a new partnership with crypto analyst firm Chainalysis and the implementation of mandatory “Know Your Customer” checks. On January 21, 100 doubles joined Global Digital Finance, a major industry association advocating for digital adoption.

Source: CoinTelegraph