BitMEX parent company appoints new chairman amid regulatory scrutiny

HDR Global Trading, the company behind BitMEX, has responded to regulatory concern by appointing former bank of China deputy CEO at its new chairman

HDR Global Trading Limited, the company behind the cryptocurrency derivatives trading platform, BitMEX, has appointed Dr. David Wong, as Non-Executive Chairman.

The appointment of Wong, who has more than 30 years of experience in the financial services sector, comes after a wave of regulatory scrutiny surrounding BitMEX.

Last October the economic secretary to the UK Treasury backed the FCA after it suggested banning crypto derivative products to customers in the UK.

Then in March the FCA published a warning on BitMEX to UK citizens, stating that it is an “unauthorised firm”, which came a few months a warning from the Advertising Standards Authority.

The heap of regulatory uncertainty, which seems to be focused from the UK, prompted BitMEX to publish a stark warning on the top of its platform, with it reading: “HDR Global Trading Limited and its affiliates (the “HDR Group”) are not authorised or regulated by the UK Financial Conduct Authority. Nothing in this website is intended to constitute the marketing or promotion of HDR’s services.”

David Wong’s appointment at HDR comes after a role as the Deputy Chief Executive of the Bank of China (Hong Kong) Group with overall responsibility for financial market businesses.

Arthur Hayes, CEO and Co-Founder of HDR Global Trading Limited, said: “Being able to attract someone of David’s calibre is a testament to the distance HDR has travelled. We are thrilled to have David join our leadership team and together, we will be focusing on the long-term growth and development of the business.”

Dr. David Wong added: “HDR, fuelled by the incredible growth of its BitMEX platform, has all the right ingredients to grow and transform as a world-class financial technology company. It is progressive, resilient, and has an inspiring vision for the future. It’s therefore a privilege for me to sit with Co-Founders Arthur, Ben and Sam as members of the board, to help bring to life the full potential of the company.”

For more news, guides and cryptocurrency analysis, click here.

Related Articles