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The founders of BitMEX are stepping down from their executive roles at the parent firm of the crypto derivatives exchange soon after U.S. authorities charged the firm over allegedly illegal conduct.
In a blog post Thursday, 100x – the holding group for BitMEX operator HDR Holdings – announced that founders Arthur Hayes and Samuel Reed have “stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect.”
Vivien Khoo, current chief operating officer of 100x Group, will become Interim CEO, while Ben Radclyffe, commercial director, will have take on a supporting role with greater management of client relationships and oversight of financial products.
Along with fellow founder Ben Delo, Hayes and Reed will no longer hold any executive positions within 100x Group, per the post. Further, head of business development Greg Dwyer will take a leave of absence.
“These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance,” said David Wong, chairman of 100x Group, in the post.
On Oct. 1, the U.S. Commodity Futures Trading Commission (CFTC) and federal prosecutors charged BitMEX with facilitating unregistered trading and other violations.
Naming Hayes, Delo and Reed, the CFTC said the platform had offered U.S. customers illicit crypto derivative trading services.
Users of BitMEX have been rushing to withdraw their funds since the news, though a spokesperson for the exchange told CoinDesk that, despite significant withdrawals, “It is business as usual for the BitMEX platform.”
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