Home Coinbase Crypto Platform BitMEX Faucets New Danger Boss

Crypto Platform BitMEX Faucets New Danger Boss

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BitMEX, which final 12 months agreed to a $100 million settlement with U.S. enforcers over compliance points, has employed Marcus Hughes, a former managing director at Coinbase World Inc., to function the cryptocurrency platform’s new chief threat officer.

Mr. Hughes, who will work between places of work in Europe, Asia and North America, will information the corporate’s authorized technique, construct out its threat and compliance program and interact with regulators and coverage makers, BitMEX mentioned Thursday in a weblog submit.

Mr. Hughes will report on to BitMEX Chief Government Alexander Höptner.

The platform in August agreed to a $100 million settlement with the Monetary Crimes Enforcement Community, a bureau of the U.S. Treasury Division, and with the Commodity Futures Buying and selling Fee.

The businesses mentioned that BitMEX had failed to take care of a compliant anti-money-laundering program, permitting U.S. clients to entry the platform whereas failing to confirm their identities.

BitMEX’s efforts to place a extra sure-footed compliance program in place come because it embarks on plans to scale up its enterprise and broaden globally.

“The following stage in our evolution will likely be characterised by an growth of the platform’s capabilities, paired with an equally formidable push into markets worldwide,” Mr. Hughes mentioned. He added that “world-class threat administration, compliance and regulatory-affairs applications” could be key to the plan.

Earlier than becoming a member of BitMEX, Mr. Hughes served as managing director of Coinbase’s European enterprise. He beforehand spent nearly a decade at

Morgan Stanley

as an government director in its compliance and authorized division, in line with his LinkedIn profile.

Whereas the SEC hasn’t introduced main actions towards huge crypto exchanges, the fee has threatened to sue corporations providing crypto lending. WSJ’s Dion Rabouin explains why this one a part of the crypto market has drawn such a powerful response. Photograph: Mark Lennihan/Related Press

Write to Richard Vanderford at [email protected]

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