BitMEX, one of the largest crypto exchanges, has cut its workforce by 30% in order to return to its original concentration on trading derivatives.
The number of layoffs was not made public.
This adjustment came after the CEO, Alexander Hoeptner, who came into the company in late 2020, left last week. Hoeptner took over for Arthur Hayes, who had violated the US Bank Secrecy Act while working for the BitMEX exchange and had been given a 12-month period of probation.
After joining BitMEX, Alexander detailed a plan emphasizing spot trading, custody, and brokerage to help the exchange become more than just a derivatives exchange.
However, after Alexander Hoeptner left earlier last week, BitMEX came out with a statement saying that they will return to the exchange’s original concentration on derivative trading and therefore reduced 30% of their staff.
“Our primary goal is to ensure that all affected employees receive the help they need. As an unwelcome result, we had to alter our personnel.”
Before losing its market share to Binance, ByBit, and FTX, BitMEX was the largest cryptocurrency derivatives exchange in 2018 and 2019.