Crypto Exchange BitMEX Lays Off 75 Workers

The global job cuts will impact about 25% of the company's workforce and come after plans by a company founded by BitMEX executives to buy a German bank fell through in March.

AccessTimeIconApr 4, 2022 at 4:59 p.m. UTC
Updated May 11, 2023 at 5:56 p.m. UTC
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Crypto exchange BitMEX has laid off 75 workers in a move that comes shortly after plans by a company founded by BitMEX’s CEO and CFO to buy one of Germany’s oldest banks fell through.

  • “BitMEX has made changes to our workforce in order to streamline for the next phase of our business,” a BitMEX spokesperson told CoinDesk Monday in an email. “Our top priority is to make sure all employees who will be impacted have the support they require.”
  • “The BitMEX platform will continue to operate as normal, and we will not be commenting further at this time,” the spokesperson added.
  • A source familiar with the matter said that the layoffs would become effective at the end of April and represented roughly 25% of BitMEX’s workforce. After the cuts, Seychelles-based BitMEX’s global headcount will be 225 people, the source said.
  • BXM Operations, a firm founded by BitMEX CEO Alexander Höptner and Chief Financial Officer Stephan Lutz, announced plans to buy one of Germany’s oldest lenders, Bankhaus von der Heydt, in January, but the deal was called off by mutual agreement, German media reported in late March.
  • In February, BitMEX founders Arthur Hayes and Benjamin Delo pleaded guilty to violating the U.S. Bank Secrecy Act (BSA). They were accused of operating with poor anti-money laundering (AML) protocols.
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