BitMEX's parent firm 100x Group has hired a fiscal veteran with a specialist background including the Bank of China.
A non-executive board member participates in policymaking and planning decisions at a company, in addition to tracking the executive directors and acting in the interest of shareholders. But, they are not a part of the executive team.
Finest known because of his chief credit officer position at the state-owned commercial bank, Bank of China, Chim brings over 30 years of financial expertise including international banking, compliance, corporate governance and risk management. The exec also held senior positions at major financial institutions such as Standard Chartered Bank and Deutsche Bank.
Chim allegedly was the highest-paid executive in the Bank of China, leaving his place at March 2015 amid pay cuts imposed on senior supervisors at Chinese lenders.
The new senior hire at 100x comes shortly after the firm appointed Alexander Hoptner -- the former CEO of German stock exchange Börse Stuttgart -- as its new CEO at January 2021. According to the most recent announcement, the two Hoptner and Chim will also join the board of directors at 100x as of Feb. 1, 2021.
As previously mentioned, 100x was actively strengthening its regulatory and compliance efforts amid a continuing legal action caused by BitMEX from United States securities authorities. In late 2020, the Commodity Futures Trading Commission filed civil complaints against BitMEX, accusing the firm of offering unregistered derivatives earnings to U.S. retail investors.
BitMEX then announced a range of measures to improve its compliance including a new alliance with crypto intelligence company Chainalysis and completing obligatory Know Your Client checks. On Jan. 21, 100x combined Global Digital Finance, a major business association advocating for the adoption of electronic assets.