Against the drop of increasing regulatory scrutiny industry-wide, exchange platform BitMEX is on a hiring spree in a show of self-assurance. They are hiring derivative structurers, engineers, a head of financial crime compliance, and other positions lower in the hierarchy in Hong Kong, according to the exchange’s website. BitMEX, which is said to process transactions worth USD 1.7 billion daily, is considering leasing about half a floor of extra space at Cheung Kong Center. The property is owned by CK Asset Holdings, South China Morning Post reports.
Regulators crack down on the industry
The brave plans come at a time when Hong Kong is enhancing security to protect investors from risky investment products and combat terrorism financing and money laundering.
BitMEX is owned by 100X Group. A spokesman of the group replied to the Post’s inquiry by email:
“We have plans to grow from a crypto-derivatives exchange platform by expanding our business lines to include spot, brokerage, custody, and other capabilities in certain markets in the future.”
The spokesman did not comment hiring plans or any intentions to lease extra space. However, insiders point out that the exchange’s lease of 1,858 square meters of space is almost up. They are paying the spectacular amount is $600,000 per month.
Central operations involve BitMEX’s IT as well as finance, compliance, HR, and several other back-office positions.
Local government taking cue from the mainland
The value of local digital assets has reached $1.8T. The government of Hong Kong is interested in supporting the industry. Tens of crypto exchanges have offices in Hong Kong. However, pressure from mainland China to crack down on the sector as well as increasing reports of fraud and cybercrime are moving local authorities to exercise a degree of caution.
The parent company of BitMEX, HDR Global, is registered as an international business company in the Republic of Seychelles. This renders it exempt from licensing and supervision. On HDR’s website, users in Hong Kong are explicitly warned that they can’t access the BitMEX platform in their location.
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