Heuking supports crypto exchange BitMEX with regulation
Heuking's Zurich office supports BitMEX, one of the world's largest crypto derivatives trading platforms, in its Swiss market entry. The trading platform was founded in 2014 and intends to conduct its brokerage business for crypto derivatives from Switzerland in the future. Cryptocurrency markets have grown substantially in 2021, outpacing growth of all other asset classes. A volume of over a trillion US dollars is traded on BitMEX every year.
The mandate is particularly interesting for Heuking: "BitMEX's board of directors is not only very familiar with the crypto environment, but also has many years of management experience in the traditional stock exchange world. They are extensively familiar with the regulated financial environment – this helps us in our advice," says Marcel Hostettler, who heads Heuking's Zurich office. Alexander Höptner, CEO of BitMEX, headed the Stuttgart stock exchange until last year, which is known to have already set a strong footprint in the crypto business. Stephan Lutz, who serves as CFO, was a partner at PwC in Germany for many years and was responsible for continental Europe as Capital Markets Lead and has proven expertise in the financial industry.
Switzerland is already well advanced on the path towards meaningful regulation of the crypto market, he said. "We support BitMEX in all legal and regulatory issues related to the Swiss market entry. BitMEX's decision for Switzerland is a win-win, both for private clients and institutional investors." Marcel Hostettler of Heuking adds: "BitMEX's market entry in Switzerland will have an enormous impact on other trading venues for digital assets and will also make Switzerland an even more attractive location for other market players in this area." Heuking has held the mandate since November 2020.
Counsel to BitMEX
Heuking Kühn Lüer Wojtek:
Marcel Hostettler, MBA, MAS in Finance
Dr. Anna Wehrmüller,
Eric Chris Baumgartner,
Piotr S. Wójtowicz, LL.M. (Cardozo School of Law New York), all Zurich
Dr. Ali Sahin,
Dr. Christoph Gringel,
Frank Hollstein, all Frankfurt