The operator of crypto derivatives trade BitMEX, 100x Group, has employed a seasoned Anti-Cash Laundering (AML) specialist, Malcolm Wright, as its chief compliance officer.

In an announcement on Oct. 12, the 100x emphasised Wright’s profile as the present chairman of the Advisory Council and AML Working Group at World Digital Finance, and as a speaker overlaying key subjects that embrace the Monetary Motion Process Drive’s Recommendations for Digital Asset Service Suppliers.

100X Group had final week reshuffled its prime management, eradicating BitMEX’s co-founders Arthur Hayes, Samuel Reed and Ben Delo from government roles. Hayes, Reed and Delo had been all charged in a civil enforcement motion from the United States Commodity Futures Buying and selling Fee for working an unregistered buying and selling platform within the U.S. and violating AML laws. 

The Division of Justice has, in parallel, pressed prison fees in opposition to the co-founders, in addition to their colleague, Geoff Dwyer, who has subsequently taken a go away of absence from his function as head of enterprise growth.

With out specific reference to the current fees, 100x Group has formally stated that “Malcolm’s appointment is a noteworthy milestone for us as we transfer in direction of completion of our Consumer Verification Programme and additional improve our compliance perform.”

Wright’s LinkedIn profile indicates he has spent virtually two and a half years at World Finance, in parallel to his roles as an advisory board member for London-based Business Passport KYC and as affiliate fellow on the Royal United Providers Institute, which contributes to coverage debates on monetary crimes. He’s additionally the founding father of the Monetary Crime Compliance advisory and a former chief compliance officer at Diginex and EQUOS.

100x Group faces a steep problem in rehabilitating the trade’s picture. Commentators declare the fees in opposition to the BitMEX crew have forged their shadow on the broader business and will set off a regulatory backlash in opposition to the crypto house.