BitMEX operator joins digital finance requirements and advocacy group

100x Group, BitMEX’s guardian firm and the holding construction for its platform, has joined World Digital Finance, or GDF, a significant {industry} affiliation advocating for the adoption of digital belongings. As a GDF patron board member, 100x will advocate for a extra inclusive and higher regulated digital monetary system, BitMEX introduced on Jan. 21.

The brand new partnership with GDF extends 100x’s efforts to advertise collaboration between the private and non-private sectors to drive mainstream adoption of crypto. “Larger public-private collaboration is the one approach to realise the wide-scale adoption of digital belongings and we will likely be championing an advance in industry-wide operational requirements and governance,” 100x Group CEO Alexander Höptner stated.

GDF was launched in March 2018 with a mission to convene each the crypto belongings {industry} and monetary providers professionals and regulators to construct an environment friendly and clear ecosystem for every kind of digital asset. The affiliation has up to now secured numerous high-profile members from the {industry} together with Coinbase, ConsenSys and Huobi. Malcolm Wright, 100x’s chief compliance officer, joined the GDF beforehand in 2018, and is a chair of its advisory council and co-chair of the GDF Anti-Cash Laundering working group.

100x’s entrance into GDF comes amid an ongoing authorized motion introduced towards BitMEX by america securities regulators. In late 2020, the Commodity Futures Buying and selling Fee filed civil complaints towards the agency, accusing BitMEX of providing unregistered derivatives gross sales to U.S. retail buyers. BitMEX is now anticipated to offer a response to the CFTC’s grievance by Feb. 12, 2021.

BitMEX has been struggling to spice up its regulatory and compliance efforts for the reason that motion was introduced. On Jan. 12, the corporate introduced a brand new collaboration with blockchain analytics agency Chainalysis to “establish, examine, and cease illicit transactions.” Earlier in January, BitMEX claimed that its whole consumer base accomplished the compulsory Know Your Buyer checks.