BitMEX appoints new chief executive

• BitMEX appointed Peter Wilkinson as chief executive after replacing three senior executives in a leadership overhaul.
• The management changes come as the cryptocurrency exchange continues efforts to attract a potential buyer.
• The reshuffle follows several years of executive changes after regulatory action against the exchange's founders.

BitMEX appointed former chief operating officer and global general counsel Peter Wilkinson as chief executive after replacing chief executive Stephan Lutz, chief financial officer Ina Steiner and chief growth officer Raphael Polansky.

The executive changes come as the cryptocurrency exchange continues exploring a potential sale, with reports indicating the leadership overhaul could improve operating efficiency and make the business more attractive to prospective buyers.

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, who stepped down from management in 2020 after US authorities alleged the exchange failed to maintain adequate anti-money laundering controls, with the company later pleading guilty.

Alexander Hoeptner became chief executive in 2021 before Stephan Lutz took over in 2022, making Peter Wilkinson the latest executive to lead the exchange during an extended period of restructuring.

BitMEX has not disclosed the financial impact of the leadership changes, and there was no immediate market reaction following the announcement.

The changes come as several cryptocurrency companies continue reducing management layers and restructuring operations, including Robinhood Markets, which recently announced plans to eliminate about 290 jobs, or roughly 10% of its full-time workforce.

Robinhood said it expects to record approximately US$28 million in restructuring charges while reporting stronger trading activity in equities, options and prediction markets, despite crypto trading revenue falling 47% year on year during the first quarter.