BitMEX has replaced its chief executive and two other senior executives as the cryptocurrency derivatives exchange continues efforts to reorganize its business while reports of a potential sale persist.
Summary
- BitMEX has appointed Peter Wilkinson as chief executive after removing three senior executives.
- The management overhaul comes as BitMEX continues efforts to attract a potential buyer.
According to a Coindesk report, BitMEX has removed chief executive Stephan Lutz, chief financial officer Ina Steiner and chief growth officer Raphael Polansky from their roles.
Recent LinkedIn updates identified former global general counsel and chief operating officer Peter Wilkinson as the exchange’s new chief executive.
Executive overhaul follows years of leadership changes
Arthur Hayes, Ben Delo and Samuel Reed founded BitMEX in 2014. The three co founders stepped down from management in 2020 after U.S. authorities brought criminal charges that alleged the exchange had failed to establish adequate anti money laundering controls. BitMEX later pleaded guilty to those charges.
Alexander Hoeptner became chief executive in early 2021 after the founders resigned. Lutz succeeded Hoeptner in 2022 during the previous cryptocurrency market downturn.
The latest management overhaul could help BitMEX reduce operating costs and improve its appeal to potential buyers. As previously reported by crypto.news that the exchange has been seeking a buyer.
Crypto firms continue restructuring
BitMEX is not the only digital asset company to reduce senior positions or staffing levels during a prolonged period of pressure across the crypto sector.
Robinhood announced earlier this month that it would eliminate about 290 jobs, or roughly 10% of its full time workforce, as part of a plan to simplify its management structure. Chief executive Vlad Tenev told employees the company wanted to reduce management layers while maintaining strategic hiring for key roles.
Robinhood disclosed that it expects to record about $28 million in restructuring charges, including approximately $20 million in severance and employee benefits and about $8 million in share based compensation expenses during the second quarter.
The online brokerage also reported record June month to date trading volumes across equities, options and prediction markets after crypto trading revenue fell 47% year over year in the first quarter to $134 million.
