BitMEX’s parent company has joined Global Digital Finance, or GDF, a
major industry association advocating for the adoption of digital
assets.
100x Group, BitMEX’s parent company and the holding structure for its
platform, has joined Global Digital Finance, or GDF, a major industry
association advocating for the adoption of digital assets. As a GDF
patron board member, 100x will advocate for a more inclusive and better
regulated digital financial system, BitMEX announced on Jan. 21.
The
new partnership with GDF extends 100x’s efforts to promote
collaboration between the public and private sectors to drive mainstream
adoption of crypto. “Greater public-private collaboration is the only
way to realise the wide-scale adoption of digital assets and we will be
championing an advance in industry-wide operational standards and
governance,” 100x Group CEO Alexander Höptner said.
GDF was launched
in March 2018 with a mission to convene both the crypto assets industry
and financial services professionals and regulators to build an
efficient and transparent ecosystem for each type of digital asset. The
association has so far secured a number of high-profile members from the
industry including Coinbase, ConsenSys and Huobi. Malcolm Wright, 100x’s chief compliance officer, joined the GDF previously in 2018, and is a chair of its advisory council and co-chair of the GDF Anti-Money Laundering working group.
100x’s
entrance into GDF comes amid an ongoing legal action brought against
BitMEX by the United States securities regulators. In late 2020, the
Commodity Futures Trading Commission filed civil complaints
against the firm, accusing BitMEX of offering unregistered derivatives
sales to U.S. retail investors. BitMEX is now expected to provide a
response to the CFTC’s complaint by Feb. 12, 2021.
BitMEX has been struggling to boost its regulatory and compliance efforts since the action was brought. On Jan. 12, the company announced a new collaboration
with blockchain analytics firm Chainalysis to “identify, investigate,
and stop illicit transactions.” Earlier in January, BitMEX claimed that
its entire user base completed the obligatory Know Your Customer checks.
source link :https://cointelegraph.com/news/bitmex-operator-joins-digital-finance-standards-and-advocacy-organization
