BitMEX cut a quarter of its staff

The company dismissed 75 employees after the directors admitted violating bank secrecy

04.04.2022 - 13:55

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What’s new? The BitMEX cryptocurrency exchange has laid off 75 employees, almost a quarter of its total staff. This came after the exchange’s subsidiary BXM Operations AG refused to buy the German bank, Bankhaus von der Heydt. An anonymous source told The Block that former CEO Arthur Hayes, who resigned in October 2020, “had a hand in the cuts.”

Material from The Block

What had happened before? In February 2021, two BitMEX co-founders Arthur Hayes and Ben Delo pleaded guilty to violating the Bank Secrecy Act, the court ordered the exchange to pay $100 million. The defendants also agreed to pay $10 million each in fines. In March 2022, the third founder of the crypto exchange, Samuel Reed, pleaded guilty. The prosecution estimated his criminal income at $10 million.

How did the company’s representatives comment on the situation? The crypto exchange had a staff of around 300 people. BitMEX’s representatives warned employees about the cutbacks a week ago.

“BitMEX is making changes to our workforce in order to streamline for the next phase of our business. Our top priority is to make sure all employees who will be impacted have the support they require.”

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