HDR Global Trading Limited, owner of crypto derivatives platform BitMEX, has restructured and rebranded as ‘100x Group’. 

Led by founders Arthur Hayes, Ben Delo, and Sam Reed, Seychelles-based 100x Group now has more than 200 employees. 

Announcing the restructure,  100x Group CEO, Arthur Hayes, said:

“This evolution will provide us with more freedom to explore, incubate and pursue new opportunities and investments, whilst remaining entirely committed to enhancing BitMEX’s leadership position. 

“The BitMEX platform, brand and legal structure remain entirely unchanged by the launch of the 100x Group, but we will be doubling down on growth of BitMEX through continual product innovation and technology advancement. BitMEX is, and will remain, the cornerstone of our success.”

On 30 June, Dr. David Wong was appointed as 100x Group’s non-executive chairman. Wong had previously held senior positions at Bank of China and ABN AMRO Bank. 

Many legal battles ahead

As we reported in May, BitMEX and its executives are currently facing a huge lawsuit in California for alleged racketeering, money laundering, wire fraud, and unlicensed money transmission. 

And, if that wasn’t enough of a headache, the firm, along with others including Binance, Block.one, and TRON, has been hit with a class action lawsuit in New York. The lawsuits allege the companies were involved in selling unlicensed securities, without broker-dealer licensing, and that they engaged in market manipulation of cryptocurrencies. 

AYO.NEWS says:

With something of a Sword of Damocles hanging over their heads it must be challenging for Hayes, Delo, and Reed to focus on running 100x Group’s business, but it sounds like they are planning to expand beyond BitMEX so it will be interesting to see what happens next. 

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