BitMEX COO Kwan Steps Down; Crypto Exchange Says She Is On “Gardening Leave”

According to the Block, Angelina Kwan, the chief operating officer at crypto exchange platform BitMEX, has left the company after relinquishing her seat.

According to the exchange’s spokesperson, Kwan is set to leave the company and at the moment is currently on leave. The spokesperson explained:

“We can confirm that Angelina Kwan is leaving the company and is on gardening leave now. That’s all we can say on the matter at the moment, but we wish Angelina all the best.”

Kwan joined BitMEX management late last year in October and has previously worked as director in Hong Kong’s Securities and Futures Commission in charge of enforcement as well as market supervision.

Prior to her position as BitMEX’s COO, she was working as the managing director as well as regulatory compliance chief in Hong Kong Exchanges and Clearing. During her tenure there, Kwan had stated that lack of clear and concise regulations in the crypto industry was a major setback among investors who wanted to venture into crypto exchanges.

By press time, BitMEX was ranked as the biggest crypto exchange as per the reported 24-hour trading volume, which at the moment stands at around $3.4 billion as per the CoinMarketCap.

Speculations are rife on the reason why Kwan left the exchange with Cointelegraph suggesting that the decision by the United Kingdom’s Advertising Standards Authority to uphold its verdict that BitMEX was advertising Bitcoin in its site could have fueled her departure. The advert in question presented a graph comparing Bitcoin’s value with the US dollar in the last ten years.

According to the Block, BitMEX has recently been embroiled in troubles with the US regulators. Reportedly, CFTC is investigating the platform on whether it went against the set rules and guidelines by permitting US citizens to use its platform for trading.

The industry has witnessed various high profile departures including crypto advocate and Overstock CEO Patrick Byrne who resigned last month. However, tZERO, a subsidiary of Overstock assured investors that Byrne’s departure will not affect its operations.

For now it is not yet known who will replace Kwan as the next BitMEX COO.

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Author: Joseph Kibe

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