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Former Financial institution of China exec joins BitMEX operator as non-executive board director


As soon as reportedly the highest-paid government on the Financial institution of China, Wai Kin Chim has joined BitMEX’s mum or dad agency as an impartial non-executive board director.

BitMEX’s mum or dad firm 100x Group has employed a monetary veteran with knowledgeable background together with the Financial institution of China.

In line with a Feb. 1 weblog put up on BitMEX, 100x has appointed former Chinese language banker Wai Kin Chim as its new impartial non-executive board director.

A non-executive board member participates in policymaking and planning choices at a agency, in addition to monitoring the chief administrators and appearing within the curiosity of shareholders. Nonetheless, they aren’t a part of the chief staff. 

Finest identified for his chief credit score officer place on the state-owned industrial financial institution, Financial institution of China, Chim brings greater than 30 years of monetary experience together with worldwide banking, compliance, company governance and threat administration.

A spokesperson for 100x advised Cointelegraph that Chim at present serves as an impartial non-executive director at Hong Kong-based OCBC Wing Hold Financial institution, chairing the chance administration committee. Previous to becoming a member of OCBC Wing Hold, Chim was additionally an impartial non-executive director for Commonplace Chartered Financial institution’s Chinese language division. The exec additionally held a senior place at Deutsche Financial institution.

Chim reportedly was the highest-paid government on the Financial institution of China, leaving his place in March 2015 amid pay cuts imposed on senior managers at Chinese language lenders.

The brand new senior rent at 100x comes shortly after the corporate appointed Alexander Hoptner — the previous CEO of German inventory alternate Börse Stuttgart — as its new CEO in January 2021. In line with the newest announcement, each Hoptner and Chim may also be part of the board of administrators at 100x as of Feb. 1, 2021.

As beforehand reported, 100x has been actively strengthening its regulatory and compliance efforts amid an ongoing authorized motion introduced in opposition to BitMEX by United States securities regulators. In late 2020, the Commodity Futures Buying and selling Fee filed civil complaints in opposition to BitMEX, accusing the agency of providing unregistered derivatives gross sales to U.S. retail traders.

BitMEX subsequently introduced various measures to spice up its compliance together with a brand new collaboration with crypto intelligence agency Chainalysis and finishing compulsory Know Your Buyer checks. On Jan. 21, 100x joined World Digital Finance, a serious business affiliation advocating for the adoption of digital property.