BitMEX Fires a Quarter of its Workforce

The company declares it will run as typical inspiteof shooting 75 workers.

Key Takeaways

• BitMEX has fired 75 workers, about 25% of its laborforce.
• A representative for BitMEX has stated the exchange will continue to run as regular.
• The co-founders of BitMEX justrecently pled guilty to breaching anti-money laundering laws.

BitMEX hasactually laid off 75 employees, representing around 25% of its laborforce. The business declares that the mass layoff will not interferewith typical operations.

BitMEX’s Mass Firing Event

BitMEX is cleansing home.

75 BitMEX staffmembers were notified last week that they would be let go by the end of April, sources have informed The Block. This layoff would represent one-quarter of the Seychelles-based exchange’s overall laborforce.

According to one BitMEX representative:

“BitMEX is making modifications to our laborforce in order to improve for the next stage of our service. Our leading concern is to make sure all staffmembers who will be affected have the assistance they need. “

The representative likewise stated that the exchange would continue to function usually, regardlessof the shootings.

Chief executive officer of the business, Alexander Höptner, is set to stay. Höptner changed one of BitMEX’s co-founders, Arthur Hayes, who stepped down as CEO in October 2020 inthemiddleof charges that he and the 2 other co-founders, Benjamin Delo and Samuel Reed, had damaged anti-money laundering (AML) laws.

These charges eventually expense the crypto derivatives platform $100 million last August in a settlement with the Commodity Futures Trading Commission and the Department of Treasury’s Financial Crimes Enforcement Network. By March of this year, all 3 co-founders had plead guilty to breaking the Bank Secrecy Act and to willfully stoppingworking to develop appropriate AML treatments. All 3 face jail time and millions in capacity fines.

BitMEX’s offerings traditionally consistedof Bitcoin derivatives particularly, however the exchange has included brand-new offerings that consistof Ethereum derivatives in addition to area trading, brokerage, and custody offerings.

Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and anumberof other cryptocurrencies. 

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