BitMEX’s parent company, 100x Group, has hired a financial veteran with a professional background, including the Bank of China. According to a Feb. 1 blog post on BitMEX, 100x has appointed former Chinese banker Wai Kin Chim as its new independent non-executive board director. A non-executive board member takes part in policymaking and planning decisions at a firm, monitors the executive directors, and acts in shareholders’ interest. However, they are not part of the executive team.
Chim was the highest-paid executive at the Bank of China.
Best known for his chief credit officer position at the state-owned commercial bank, Bank of China, Chim has more than 30 years of financial expertise, including international banking, compliance, corporate governance, and risk management. A spokesperson for 100x told the news outlet Cointelegraph that Chim currently serves as an independent non-executive director at Hong Kong-based OCBC Wing Hang Bank, chairing the risk management committee. Chim reportedly was the highest-paid executive at the Bank of China, leaving his position in March 2015 amid pay cuts imposed on Chinese lenders’ senior managers.
BitMEX parent firm hired the former CEO of German stock exchange as its new CEO.
The new non-executive hire at 100x comes shortly after the company appointed Alexander Hoptner — the former CEO of the German stock exchange Börse Stuttgart — as its new CEO in January 2021. According to the latest announcement, both Hoptner and Chim will also join the board of directors at 100x as of Feb. 1, 2021. BitMEX parent firm 100x has been actively strengthening its regulatory and compliance efforts amid an ongoing legal action brought against BitMEX by United States securities regulators. Last year, the Commodity Futures Trading Commission filed civil complaints against BitMEX, accusing the firm of offering unregistered derivatives sales to U.S. retail investors.
