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Arthur Hayes Steps Down from BitMEX, Exchange to Complete User Verification Program

Arthur Hayes, Samuel Reed, and Ben Delo are all stepping down from their executive responsibilities in BitMEX with immediate effect, 100X Group–the holding group for HDR Global Trading Limited which owns and operates the Bitcoin and crypto derivatives platform, has said in an announcement on Oct 8.

BitMEX will complete their User Verification Program

The exchange will now focus on their core business of “offering superior trading opportunities” while maintaining the highest level of corporate governance.

Notably, BitMEX will also complete its User Verification program. 

Replacing them are Vivien Khoo—the Chief Operating Officer of the 100X Group—who now becomes the interim CEO, and Ben Radclyffe—who will continue as the group’s Commercial Officer but with enhanced responsibilities. 

Specifically, Ben—a veteran banker with stints at Deutsche Bank, UBS, and Tower Research Capital, will handle client relationships as well as oversee the exchange’s financial products.

Greg Dwyer, the current Head of Business Development, takes a leave of absence from his position.

CFTC and DoJ Sues BitMEX and Affiliated Entities

The popular cryptocurrency exchange, As  reported– together with its co-founders including Arthur Hayes–was sued by the United States Commodity Futures Trading Commission (CFTC) and the Department of Justice (DoJ) for alleged money laundering and running an illegal exchange.

In response to the accusations leveled against them, BitMEX issued a statement defending themselves. They accused the U.S government of heavy-handedness, saying they will vigorously defend their position.

“We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges and intend to defend the allegations vigorously. From our early days as a start-up, we have always sought to comply with applicable U.S. laws, as those laws were understood at the time and based on available guidance.”

BitMEX Accusations

The Seychelles-based exchange faces multiple accusations of failure to enforce know-your-customer (KYC) and anti-money laundering (AML) measures required by regulators to avert illegal activities. 

A court filing in California by BMA LLC in May said the exchange was deliberately designed from the ground up to facilitate a myriad of illegal activities. 

Earlier, As reported that there could a direct link between governments’ decision to force centralized exchanges enforce KYC with the spike in DEX trading volumes. 

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin31,761 0.09 % 8.41 % 19.04 %
Ethereum1,169.8 0.81 % 10.52 % 3.87 %
Tether1.000 0.13 % 0.22 % 0.24 %
Polkadot16.50 0.42 % 1.47 % 14.64 %
XRP0.2686 0.77 % 9.38 % 9.26 %
Cardano0.3233 1.23 % 11.36 % 4.23 %
Litecoin136.23 1.17 % 5.41 % 10.51 %
Chainlink19.58 0.78 % 7.20 % 10.44 %
Bitcoin Cash422.33 0.40 % 12.16 % 19.92 %
Binance Coin39.71 0.52 % 4.58 % 4.91 %