BitMEX Taps Former Hong Kong Regulator as Chief Operating Officer

BitMEX, one of the largest cryptocurrency trading platforms, has named Angelina Kwan, formerly managing director and head of regulatory compliance for Hong Kong Exchanges and Clearing Limited (HKEX), as its chief operating officer. Kwan, who joins the company as it rides exceptional growth, will work with regulators worldwide to develop rules that will support cryptocurrency’s continued growth.

24 Years of Leadership Experience

Kwan, who will be based in Hong Kong, said she hopes her experience working with regulators worldwide will help her in developing a “constructive dialogue” with regulators, she told the South China Morning Post.

China and South Korea last year banned digital coin sales while other markets such as Hong Kong have not fully regulated cryptocurrency. Norman Chan Tak-lam last month said cryptocurrency trading carries high risk while the city’s investment regulator, the Securities and Futures Commission of Hong Kong, has warned about fraud and manipulation in the cryptocurrency market.

“I believe Angelina’s decision to join us is a signal that the global markets are shifting focus to the rapidly-expanding domain of crypto-coins,” said Arthur Hayes, BitMEX CEO and co-founder. “Angelina’s vast experience in regulation, trading platforms, business development, restructuring, and investor and stakeholder relations will be pivotal as we continue the push towards mainstream cryptocurrency adoption and broaden our community.” Kwan brings vast experience in both regulation and traditional finance, Hayes added.

Hong Kong | Source: Shutterstock

Kwan, who spent eight years at the Securities and Futures Commission of Hong Kong, brings more than 24 years of experience in leadership roles for financial products in Asia and the United States. She has worked at global financial services firms, covering retail securities trading and asset management.

“My most memorable accomplishments — from successfully restructuring and relisting a bankrupt financial services company, spearheading the establishment of new operations or companies, to serving on a number of boards and committees — have been joining organizations that are at the cusp of making a major breakthrough, so it’s with a sense of great excitement that I take on the challenge of driving BitMEX to new market heights,” Kwan said. “In addition to being a true market leader among trading platforms, BitMEX shares my value of gender inclusion, particularly in STEM fields. Cryptocurrency markets present an exciting new opportunity for women to get involved in the intersection of finance and technology, two fields in which they are chronically under-represented.”

BitMEX Rides Major Growth

In the third quarter of 2018 alone, BitMEX broke the industry record for 24-hour bitcoin trading volume on two separate occasions.

BitMEX recently occupied Cheung Kong Center’s 45th floor, one of the most expensive offices in the world, with an average per-square-foot rent of $28.66, which is more than nine times that of the $3.18 the company was paying at its previous headquarters in Hong Kong’s Victoria Harbor, a warehouse district. The company’s expansion plans caused it to require the entire floor, rather than the half-floor it had originally intended to occupy.


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Author: Lester Coleman
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BitMEX Rents World’s Most Expensive Skyscraper, Rising Status of Crypto Exchanges

LIONBIT

Experts have said that the expansion of BitMEX from Seychelles to Hong Kong demonstrates an improvement in the status of crypto exchanges as regulated financial institutions in a rapidly growing market.

Why Hong Kong Move is Monumental

Earlier this week, BitMEX rented out the 45th floor of the Cheung Kong Center, the most highly valued skyscraper in Hong Kong, the world’s most expensive real estate market. BitMEX will operate side by side with Goldman Sachs Group Inc., Barclays Plc, Bank of America Corp, and other major financial institutions which have operations based in the Cheung Kong center.

Over the past decade, despite its high base value, the price of properties and real estate in the Hong Kong market has continued to increase at an exponential rate due to the loophole in the country’s tax system that allows Chinese millionaires to transfer their wealth from the mainland to Hong Kong with virtually no taxes.

Chinese investors have been able to purchase properties in Hong Kong with low taxes for decades, as Hong Kong remains as one of the few regions which investors can freely move capital to and from China.

TIP

Recently, the Chinese government and local financial authorities have disclosed their intent to crackdown on millionaire investors that have hidden their wealth in bank savings, securities, insurance products and trust funds, outside of China to evade taxes.

But, the authorities have emphasized that it will still allow investors to invest in properties in overseas markets such as Hong Kong. Consequently, the Hong Kong real estate market started to see an influx of massive capital from China moving into its local real estate market.

“Home prices have picked up very fast in Hong Kong in recent months, and worries on the introduction of CRS was one of the drivers,” Jennifer Wong, an advisor and Taxation Working Committee co-convenor at The Association of Hong Kong Accountants, told SCMP in an interview.

More to that, the loophole in the real estate market of Hong Kong which enables Chinese millionaires to purchase properties with a 0.2 percent tax through shell companies, instead of a 12 percent tax for secondary properties, saving the rich a significant sum of money for property purchases in Hong Kong.

In a market that is fueled by an increasing demand from Chinese investors with declining supply due to its small land mass, the relocation of BitMEX to the most costly building in Hong Kong and the global real estate market can raise the status of crypto exchanges as highly profitable and regulated businesses.

Binance Increased the Bar

This year, Binance, the world’s largest cryptocurrency exchange, recorded a larger qurterly profit than Deutsche Bank, the biggest bank of Germany, with more than $300 million generated in the first quarter of 2018.

As exchanges in the crypto market continue to be recognized for transparent, regulated, and profitable operations, more large-scale financial institutions will eye the cryptocurrency industry.



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Author: Joseph Young
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DOES BITCOIN PRICE NEED TO FALL TO $5000 BEFORE BEAR MARKET IS OVER?

Bitcoin Mercantile Exchange (BitMEX) CEO Arthur Hayes says the Bitcoin price must still drop to $5000 before ending its 2018 bear market.



 

HAYES: ‘I’D LIKE TO SEE US TEST $5000’

In comments which echo other prominent trading figures — such as Tone Vays — Hayes told CNBC yesterday that, despite prices rallying this week, sentiment will fizzle out and Bitcoin will continue falling lower.  “I don’t actually think we’ve seen the worst; I think this is a very strong rally on good volume and we definitely could see $8000 or $9000 and maybe just short of $10,000,” he forecast, continuing:

…I would like to see us test $5000 to really see if we’ve put a bottom in.

Bitcoin generated considerable excitement both inside and beyond the cryptocurrency industry on June 16 when prices gained around 12 percent in one hour — seemingly without prior motive.

While initially skeptical, many commentators have since begun to eye the uptick as the start of a stronger period of growth after months of decline.

SPECTER OF $10K REMAINS

Hayes, however, remains unconvinced about its longevity. “We’ve been here before earlier in the spring; we rallied from about $5800 to the high $9000 level but didn’t quite crack $10,000 – I think similar action will happen this time,” he continued.

Sharing his uncertainty, Vays had previously predicted that BTC/USD must dip below the significant $5000 barrier in order to prime sentiment for beating 2017’s all-time highs.

Beyond the short term, however, the sense of optimism remains broadly unfazed.

Hayes reiterated his faith that prices could top $50,000 by the end of the year after sufficient downside. “I think everybody is taking a little chill time and coe Q3 and Q4 will come back and the party will start again,” he commented about the rest of the year.

While Bitcoin remains around 12 percent up on the start of the week, altcoins meanwhile have yet to catch up, sustaining conspicuous losses in both BTC and USD terms.


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Author: WILMA WOO
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BitMEX Research: 2018’s Crypto Rollercoaster Ride

The research department of leading exchange BitMEX posted a video reflecting their new “cryptocurrency pricing model” — a novel depiction of an investor’s rollercoaster ride.



With a daily trade volume of nearly $1.5 billion, the Seychelles-registered outfit is the largest Bitcoin-to-USD exchange in the world.

Posted on the Twitter feed of BitMEX Research, the 24-second clip displays a Lego roller coaster with a sign reading “HODL” overarching the track, just prior to the plunge. Invariably a nudge towards to the research body’s “price projections for 2019”, the passengers (presumably investors) rise again after the descent.

Bullish BitMEX?

While punters may view the video as noting bullish sentiment, BitMEX Research’s official stance would be to have no position. Typical findings are published in what the group describes as “unbiased, evidence-backed reports”,  or noted on the BitMEX Research Twitter.

Previously, the outfit reported that Bitcoin’s price may be correlated with traditional assets — and not, in fact, immune to turmoil in markets such as the S&P 500 stock market index. In conclusion, BitMEX’s March 2018 ‘Bitcoin Price Correlation’ report states:

“It appears that Bitcoin has been a reasonably non-correlated asset class throughout its history. During the recent rally to a valuation of hundreds of billions of dollars, however, correlations — and, crucially, correlations to risk-on assets — started to increase.”

All questions of sentiment aside, the jaunt appears to have been met largely in good heart by investors. Facing a correction of nearly 79% from Litecoin’s January 2018 all-time-high, the coin’s creator Charlie Lee tweeted in response:


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BitMEX CEO Arthur Hayes Stands by $50,000 Bitcoin Price Prediction

· BitMEX CEO Arthur Hayes recently stated on CNBC’s Fast Money show that he’s sticking to his $50,000 Bitcoin price prediction by end of this year.

· Hayes said that Bitcoin could be “one positive regulatory decision away” from again hitting the $20,000 mark, and then surging to $50,000.



BitMEX CEO Arthur Hayes recently stated that he still thinks Bitcoin (BTC) will reach $50,000 by the end of this year. The Wharton School graduate sated on CNBC that he thinks “something that goes up to $20,000 in one year can have a correction down to around $6,000.”

He added that bitcoin might be “one positive regulatory decision away” from again reaching the $20,000 price range, and then climbing up to $50,000. This regulatory decision could be something like an ETF being approved by the US Securities and Exchange Commission (SEC), according to Hayes.

The CEO of BitMEX further noted that he thinks larger cryptocurrency price movements will occur during an even shorter timespan as we move forward. This, he added, because of the increase in the number of active participants in the evolving crypto market.

Hayes then pointed out that from 2013 to 2015, “we went for $1,200 to $200” and from 2015 to 2017, “[from] $200 to $20,000.” Having gone through these large price swings in previous years, Hayes believes it is possible that the timespan between these high price fluctuations could become shorter due to the sheer number of investors “who have invested capital and resources to trade this asset class.”

Additionally, the cryptocurrency exchange’s chief executive revealed higher liquidity levels, along with an added interest in cryptocurrencies, will lead to a shorter timespan “between an aggressive bear market and an aggressive bull market.”

Bitcoin’s Unexpected Surge
Fundstrat co-founder Tom Lee has also made a bullish bitcoin price prediction, as he believes the cryptocurrency hit $25,000 by the end of 2018. Hayes himself has in the past predicted BTC will hit $50,000.

Notably, bitcoin’s price fell below $5,900 this week and many market analysts thought it would decline further. The cryptocurrency has been enduring a bearish trend that saw it drop from a near $20,000 all-time high since late last year. Surprisingly, though, the flagship cryptocurrency has surged to around $6,400 and appears to be stabilizing at this price.


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Author: Omar Faridi
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