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BitMEX COO resigns amid CFTC investigation

BitMEX COO resigns amid CFTC investigation

BitMEX COO resigns a few weeks after the CFTC launched an investigation into whether the crypto exchange allowed US investors to trade digital currencies.

September 10, 2019, | AtoZ Markets – Hong Kong-based cryptocurrency exchange BitMex, which is said to be under investigation by U.S. authorities, has reportedly parted ways with their Chief Operating Officer (COO) Angelina Kwan weeks shy of her first anniversary.

Kwan previously worked in compliance for Hong Kong bourse operator

Kwan, the former head of regulatory compliance for Hong Kong exchange, is currently on “Gardening leave”, where an exiting employee is usually stopped from working. A spokesperson familiar with the matter said she is leaving the company. The Block was the first to report her exit.

Kwan’s departure comes as the U.S. Commodity Futures Trading Commission (CFTC) probes the Seychelles incorporated crypto exchange that’s become wildly popular in Asia for letting people make big bets with little money down.

Regulator looking to see whether Americans used exchange

The CFTC investigation is focused on whether BitMEX violating the national trading regulations by allowing US investors to trade on the platform, which isn’t regulated by the agency, Bloomberg reported back in July citing sources related to the matter.

The firm, co-founded by former Citigroup Inc. trader Arthur Hayes, allows customers to use as much as 100 times leverage to trade crypto derivatives, and consistently ranks among the world’s most active virtual currency venues on CoinMarketCap.com.

Last month, the firm cited regulatory compliance as a reason to start restricting Hong Kong, Bermuda and Seychelles based users from trading on the platform.

At the moment, it is not yet known who will replace Kwan as the next BitMEX COO and how the crypto exchange will be able to defend itself against the ongoing investigation.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.