The parent company BitMEX 100x Group has appointed an experienced financial expert with professional training, including Bank of China.

According to a Feb.1 blog post on BitMEX, 100x has appointed former Chinese banker Wai Ken Chem as an independent, non-CEO of the board.

A non-member of the board of directors participates in decision-making and planning processes in the company, as well as supervises managers and works for the benefit of shareholders. However, they are not part of the management team.

Shim is best known as the main lender of the state-owned commercial bank Bank of China and has over 30 years of financial experience including international banking, compliance, corporate governance and risk management.

A 100x spokesperson told Cointelegraph that Chim is currently an Independent Non-Executive Director of Hong Kong-based OCBC Wing Hang Bank and chairs the Risk Management Committee. Prior to joining OCBC Wing Hang, Shim was also an Independent Non-Executive Director of Standard Charter China. The CEO also held a leading position at Deutsche Bank.

Khim was reportedly the highest paid CEO of the Bank of China, leaving his post in March 2015 amid executive pay cuts by Chinese lenders.

The new 100-fold appointment came shortly after the company appointed Alexander Hauptner, the former CEO of Deutsche Boerse Børs Bors Stuttgart, as its new CEO in January 2021. According to the latest announcement, Hoptner and Chim will also join the board of directors at a rate of 100 times from January 1, 2021.

As previously reported, 100x is actively improving its regulatory framework in the midst of ongoing lawsuits against BitMEX by the US Securities and Exchange Commission. In late 2020, the CFTC filed civil lawsuits against BitMEX, accusing the company of selling unregistered derivatives to US retail investors.

BitMEX then announced a number of compliance improvements, including a new partnership with crypto analytics firm Chainalysis and the introduction of mandatory KYC checks. On January 21st, 100 lookalikes came to Global Digital Finance, a large industry association that advocates digital asset certification.

Source: CoinTelegraph