BitMEX May Rent World Priciest Office

Now BitMEX occupies the 45th floor of Hong Kong Cheung Kong Center
22 August 2018   1203

The Bitmex exchange office moved to the 45th floor of the Hong Kong Cheung Kong Center. The business center is famous for some of the highest rental prices in the world, reports Bloomberg referring to local media.

The skyscraper also houses such financial institutions as Goldman Sachs Group Inc., Barclays Plc, Bank of America Corp., Bloomberg LP and the empire of billionaire Lee Kashin.

Cheung Kong Center
Cheung Kong Center

According to Hong Kong Economic Times, initially BitMEX planned to occupy only half of the floor, but due to plans for expansion, rented the entire 45th floor of the building with a total area of ​​20 thousand square feet (1860 square meters).

It is noteworthy that if earlier BitMEX occupied a poorly finished office on the other side of Victoria Bay at a price of HK $ 25 per square foot ($ 3.18), then in the new office the cost per square foot was significantly higher - up to HK $ 225.

As reported, the Central district has the world’s highest office occupancy costs, according to CBRE Group Inc. It was the third year in a row that Hong Kong had topped the survey. London’s West End was in the No. 2 spot.

The BitMEX exchange was jointly organized by the former Citigroup trader Arthur Hayes. In 2014, he discovered the possibility of making "easy money" on the difference in bitcoin prices in China and Hong Kong. Today BitMEX is one of the most popular platforms for margin crypto trading, and its daily trading volumes exceed $ 3 billion.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   7

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.