Bitcoin derivatives firm, BitMEX, is currently undergoing some necessary changes, including appointing a former Bank of China staff. The new appointee would take a position of an independent board director and work within the firm. The expert, formerly CCO to China’s central bank, will officially be a part of the board soon.
The derivative firm explained that the former CCO’s appointment is to improve the firm’s approach to creating an inclusive environment for digital assets in the modern financial system. The company prioritizes the inclusiveness of the relatively new world of digital assets, which is currently gaining popularity.
Wan Kin Chim has the experience to actualize the goal
When looking at the former Chief Credit Officer’s portfolio, many people would agree that he has a wealth of experience. He can successfully perform his role as the non-executive board member, with over 20 years of experience in the banking sector.
Chim has experience in risk management, international banking, and many other banking segments to bring restructuring into the BitMEX ecosystem. He also worked in other institutions, like the Standard Chartered Bank. The derivative firm openly explained that it needed a well vast and experienced person in the banking world, and Chim is exposed in that area.
The 100x group’s chairman, David Wong, spoke on the newly appointed board member. He said Chim is a veteran with vast experience in many financial companies. According to him, the chairman gave special notice to the former Bank of China executive’s risk management skills, which must not be understated.
The group’s chair said the restructuring was to create a company where governance and compliance would be needed to earn the client’s trust and promote growth. Interestingly, the new CEO, Alexander Hoptner, will join the board of directors alongside Wan Kin Chim.
BitMEX wants compliance with governmental regulations
While many firms still struggle to meet up with many demands the country gives regarding their running, BitMEX recently announced that it would ensure the firm’s full compliance with laid down rules. Many countries now request KYC details from firms, leading to BitMEX’s user verification activities, which it finalized around December.
The firm requires customers who plan to use its platform for any transaction to verify their identity by requesting driver’s licenses and other identity cards. So, customers who don’t follow the verification process cannot hold or transfer assets.
Within 30 days, the institution was able to finalize its user verification process, which surprised many. Some firms still find it hard to complete verification processes even after some countries mandated it fully. BitMEX assures the authorities that transactions within its space come from known accounts.
Countries raised the issue of account verification when crime rates began to rise because of the platform’s anonymity. Many cyber criminals such as hackers and fraudsters used the wallets to receive funds without getting traced by authorities. Now that accounts are identifiable, nations believe that criminals would think twice about using the platform for illicit acts.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
