Once reportedly the highest-paid director at Bank of China, Wai Kin Chim has just joined BitMEX. Will be an independent non-executive director.
Wai Kin Chim joins BitMEX
100x Group, the parent company of BitMEX, has just hired Waia Kina Chima. According blog post from February 1, the company appointed a former Chinese banker as a new independent non-executive director.
It is known that as a board member, he will be involved in shaping the company’s policy and making planning decisions, as well as in monitoring executive directors.
Wai Kin Chim is best known for his position as director of the state-owned commercial bank Bank of China. Moreover, he has over 30 years of experience in the financial market, including international banking.
The 100x spokesman said Cointelegraph, that Chim is currently an independent non-executive director of OCBC Hong Kong-based Wing Hang Bank. There, he chairs the risk management committee. Prior to joining OCBC Wing Hang, he was also the independent non-executive director of the China branch of Standard Chartered Bank. He also held a high position at Deutsche Bank.
Chim was reportedly the highest-paid director at the Bank of China. He left his position in March 2015 amid pay cuts imposed on senior managers.
It is also worth presenting the goals of the company that Chim joins. According to the media, 100x now “Strengthens its regulatory and compliance efforts” BitMEX. All of this is part of an ongoing lawsuit brought against the stock exchange by US securities regulators. Let us recall that at the end of 2020, the Commodity Futures Trading Commission filed civil complaints against BitMEX. The company was accused of offering unregistered derivatives to US retail investors.
BitMEX then announced a number of measures to improve compliance, including a new partnership with Chainalysis. The latter company deals with the analysis of the cryptocurrency and blockchain market as well as with carrying out mandatory checks on the “Know Your Customer” procedure.
On January 21, 100x also joined Global Digital Finance, a large industry association advocating the adoption of digital resources.