Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Following the recent court filings against BitMEX and its founders for rules violation, the cryptocurrency derivatives giant seems to take the necessary steps to make things right.
Announcing Monday, 100X Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX exchange, said it had appointed Malcolm Wright as the company’s new Chief Compliance Officer (COO).
Interestingly, Malcolm Wright is an expert in compliance and anti-money laundering (AML) with over 30 years of experience.
The new COO currently chairs the Advisory Council and AML Working Group at crypto-focused company Global Digital Finance. Malcolm also holds positions at several international committees and frequently speaks on related topics.
As Chief Compliance Officer, Wright will lead the company’s global compliance effort, especially now that BitMEX is looking to implement its User Verification Programme and other compliance functions, following the US regulator’s lawsuit.
Wright believes compliance is “non-negotiable” and a “prerequisite” for exchanges if regulators and institutional investors accept them.
“My vision is for 100x Group, through the BitMEX platform, to play a lead role in shaping how this industry collaborates with regulators to ensure everyone can safely avail of digital markets I look forward to bringing my leadership and expertise to bear as the industry rapidly evolves alongside regulations,” he said.
BitMEX vs. CFTC vs. DOJ
Earlier this month, the United States Commodity Futures Trading Commission (CFTC) and Department of Justice (DOJ) charged BitMEX and its founding members for operating an unregulated exchange while also violating a mandatory anti-money laundering (AML) know-your-customer (KYC) requirements for US traders.
Following the lawsuit, the DOJ arrested co-founder Samuel Reed on October 1. He was later released with an unsecured $5 million appearance bond and $500,000 in cash.
On October 8, 100x reshuffled its management positions with the three founders Arthur Hayes (CEO), Samuel Reed (CTO), and Ben Delo stepping down from their responsibilities immediately. The founders will no longer hold any executive positions at the 100x Group.
The company’s Chief Operating Officer, Vivien Khoo, was appointed as Interim Chief Executive Officer (CEO) following Hayes’ departure.
While working at 100x, Malcolm Wright will report directly to Khoo.