BitMEX Announces Plans to Expand Business into 5 Segments

BitMEX will significantly expand its list of services in the coming months, according to the new head of the crypto exchange Alexander Heptner.

April 22, 2021 | AtoZ MarketsSeychelles-based cryptocurrency exchange BitMEX has set itself the goal of becoming one of the world's largest regulated crypto derivatives exchanges and acting as a catalyst for change in the industry. The details of the implementation of the strategy were reported by Alexander Heptner, the head of 100x Group, the site operator.

The Bitmex expansion plans call for the addition of five new business units namely:

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  • spot trading;
  • brokerage;
  • custodian services;
  • information products;
  • academy.

Top management will make efforts to obtain licenses in the most attractive jurisdictions. In the main derivatives industry, BitMEX plans to continue expanding its product line.

Heptner announced the launch of fully functional spot trading available to residents of all countries of the world.

The plans are to create a licensed brokerage company, providing services, including in the over-the-counter market.

With regard to the custody of assets, it is planned to launch a regulated proprietary solution.

As these areas develop, the exchange will form an information products division. To target users in the ecosystem, the trading platform will create a BitMEX Academy that will offer educational content.

To implement the strategy, the team of specialists will be expanded. In an interview with The Block, the top manager did not rule out raising capital in the form of an IPO, the takeover of a specialized public company (SPAC) or the issuance of tokens.

Recall that the ex-head of the Stuttgart Stock Exchange Alexander Heptner took over as head of the 100x Group in December 2020.

In March 2021, he revealed some of the upcoming changes to BitMEX's transformation strategy.

In October 2020, former BitMEX CEO Arthur Hayes resigned along with the rest of the leadership following  accusations that were put forward in 2020 by the Commodity Futures Trading Commission (CFTC) and allegations by the US Department of Justice (DoJ).

Recall, according to the regulator, BitMEX was suspected of conspiracy and violation of the bank secrecy law. In April 2021, Hayes surrendered to the US authorities and released on bail of $10 million.

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