BitMex CEO Exits

Market Meditations | October 26, 2022

Alexander Hoptner, CEO of cryptocurrency futures exchange BitMex, one of the first to offer crypto derivatives products, has stepped down, effective immediately. 

  • A spokesperson for the exchange said in an email responding to The Block, “Stephan Lutz has been appointed as Interim CEO of BitMex after Alexander Hoptner has left our business with immediate effect.”
  • Hoptner joined the BitMex team in January of last year, bringing his total time at the company to less than two years.
  • When Hoptner took over as CEO, it was as a replacement to Vivien Khoo, who was appointed as an interim measure after co-founder and CEO Arthur Hayes was forced to step down in the wake of lawsuits from both the CFTC and the Department of Justice.

Though once considered a market leader in crypto derivatives, BitMex has consistently bled market share to more well-known names in the space like FTX, Coinbase, and the Chicago Mercantile Exchange group.

Despite declining use, the exchange had big plans to launch a “beyond derivatives” strategy to include services like brokerage and custody features.

For all intents and purposes, it looks as if this could be a case of another bear market casualty adding its name to the list of executives stepping down or being removed from their positions in crypto firms across the industry.