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BitMEX in talks to rent more space at Hong Kong’s costliest offices as it goes on hiring spree in cryptocurrency boom
- Cryptocurrency exchange BitMEX is seeking more talent and expanding its pricey office space at Cheung Kong Center in Central, sources say
- Expansion comes as Hong Kong tightens licensing regime and oversight on cryptocurrency exchanges amid rising fraud and cybercrimes
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BitMEX, which operates a cryptocurrency derivatives exchange out of the priciest office tower in Hong Kong, is embarking on a hiring spree and expanding its floor space in a show of confidence in the city, even as the industry faces heightened regulatory scrutiny.
The company, which claims to handle US$1.7 billion of transactions per day, is exploring the option of leasing additional space equivalent to half a floor, at Cheung Kong Center from CK Asset Holdings, according to several people familiar with the matter. The three-year lease of BitMEX’s 20,000 square feet (1,858 square metres) of space on the 45th floor of the tower, costing about US$600,000 per month, expires later this year, they said.
“We have plans to grow from a crypto-derivatives exchange platform by expanding our business lines to include spot, brokerage, custody, and other capabilities in certain markets in the future,” a spokesman of 100X Group, the ultimate owner of BitMEX, said in an email reply to the Post, declining to comment specifically about its real estate plan. CK Asset declined to comment.
The company is hiring engineers, a head of financial crime compliance, derivative structurers and other supporting roles in Hong Kong, according to its website. Its operations in Central supports BitMEX’s information technology and other back-office functions such as human resources, compliance and finance.
Its expansion comes at a time when Hong Kong is tightening its scrutiny to stem money laundering, terrorism financing, and protect investors from risky investment products. BitMEX ranked as the world’s top crypto exchange after its launch in 2014, creating a buzz with up to 100 times leverage for perpetual bitcoin/US dollar contracts.
The Hong Kong government hopes to introduce an amendment bill during its 2021/22 legislative session, requiring all exchange operators to be licensed by the Securities and Futures Commission. Non-compliant and unlicensed activities will attract jail terms and fines, according to its proposal.
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