BitMEX lays off 75 Employees Worldwide After Failed Bank Acquisition

BitMEX lays off 75 Employees Worldwide After Failed Bank Acquisition

Share Post:

BitMEX employees

The week has not started so well for 75 BitMEX employees laid off. The number makes up a quarter of the exchange’s staff globally, as it currently employs about 300 people.

BitMEX’s Legal Hurdles 

The layoff news is coming hardly a week after BitMEX failed to acquire a German bank, Bankhaus von der Heydt. In October 2020, the exchange was hit by legal hurdles under the accusation of illegally operating a crypto derivatives platform and violating the U.S. anti-money laundering rules.

In August 2021, BitMEX had to settle with the U.S. CFTC and FinCEN an amount of $100 million. The woes of crypto exchange BitMEX followed it into 2022. In February this year, BitMEX co-founders Arthur Hayes and Benjamin Delo pleaded guilty to violating the U.S. Bank Secrecy Act in federal court. The two were accused of failing to put up and maintain appropriate compliance programs for KYC requirements and prevent money laundering.

Another executive and co-founder of BitMEX, Samuel Reed, was also found guilty of violating U.S. anti-money laundering (AML) rules by the Department of Justice. To settle their charges, the three had to pay $10 million each. These legal battles must have put a massive dent in the exchange’s capital.

BitMEX Assures Customers Normal Operations will Maintain

Crypto exchange BitMEX assured users that its operations would maintain the norm despite the layoff announcement. A spokesperson for the exchange stated that it was making changes to its workforce to streamline for the next phase of business. The spokesperson continued that all who will be impacted will receive the support they require.

BitMEX’s lay off of a quarter of its employees seems a final resolution for the exchange. Reportedly, each of the BitMEX employees has been instrumental in the journey from the exchange’s roots as a start-up to the peak of one of the top crypto exchanges.

Learn more about crypto trading using various exchanges from traders with many years of experience, you will get the information and education to improve your trading skills, use our discount PRO5% to get an exclusive 5% discount, join our telegram channel by clicking this link.

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Recent Articles

Follow Us

Trade Crypto Like a PRO

Decrease the risk of losing everything you have.

A team of 4 professional traders is sharing their personal daily trade setups with you.

Imagine finally having the right strategy, insights and knowledge to profit from the volatile crypto market movements consistently.

Safe Time, and Start Trading Like a PRO Today
Dark Mode