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BitMEX operator joins digital finance standards and advocacy organization

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100x Group, BitMEX’s guardian firm and the holding construction for its platform, has joined World Digital Finance, or GDF, a serious {industry} affiliation advocating for the adoption of digital property. As a GDF patron board member, 100x will advocate for a extra inclusive and higher regulated digital monetary system, BitMEX announced 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. “Higher public-private collaboration is the one option to realise the wide-scale adoption of digital property and we might 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 property {industry} and monetary companies professionals and regulators to construct an environment friendly and clear ecosystem for every kind of digital asset. The affiliation has to date secured various 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 the USA 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 traders. BitMEX is now anticipated to supply a response to the CFTC’s grievance by Feb. 12, 2021.

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