BitMEX Lays Off 75 Employees as Plans for Bank Acquisition Fall Apart: Report
Main page News, Banking, Cryptocurrency Exchanges, Regulations

Cryptocurrency exchange BitMEX has laid off 75 employees just a few days after it abandoned plans to acquire 268-year-old German bank Bankhaus von der Heydt, The Block reports, citing people familiar with the matter. As of press time, BitMEX employs about 300 people, which means the move will affect about a quarter of the exchange's staff.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

A spokesperson for BitMEX declined to name the cause of the changes, but said that the Seychelles-based trading platform plans to "streamline for the next phase of our business."

"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," the spokesperson said.

The move comes after BitMEX Co-Founder, Samuel Reed, pled guilty to violating the Bank Secrecy Act by failing to establish an anti-money laundering program at BitMEX. According to the Department of Justice, Reed also agreed to pay a $10 million fine. The other two founders of BitMEX, Arthur Hayes and Benjamin Delo, previously pled guilty to the same offense, the regulator noted.

BitMEX Reaches Settlements with CFTC and FinCEN

BitMEX first announced plans about the acquisition in January this year. The exchange was planning to complete the purchase in mid-2022 as it had signed a purchase agreement with the Munich-based financial institution's current owner, Dietrich von Boetticher.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error