Search Inside Bitcoins

Arthur Hayes From BitMEX Calls For All Legacy Finance To Be Boycotted

BitMEX Makes KYC Mandatory for All Users
BitMEX Makes KYC Mandatory for All Users

Arthur Hayes stands as the former CEO and co-founder of BitMEX, having returned from exile to boldly call the crypto space to arms. In a post from the derivative exchange’s official blog, Hayes called for nothing less than the complete abandonment of the entire legacy finance system, blaming the Gamestop fiasco. As they say, dream big if you want to dream at all.

The Great Gamestop Shorts Squeeze

Hayes cited the Robinhood controversy coming out of the “Gamestonks” event, where retail traders across the world united to pump the Gamestop stock price to the moon and beyond.

Hedge funds lost billions in the process in a glorious display of retaliatory market manipulation, but Robinhood quickly stepped in to put a stop to all of this: Forbidding the purchase of Gamestop stocks for retail traders.

At this time, Robinhood, in its infinite generosity and complete lack of hidden agenda, has agreed to sell retail investors one Gamestop stock each. Hayes, highlighting this info, reiterated the fact that the retail traders have the entire stock market rigged against them.

Proclaiming A New Exodus

So, in Hayes’ eyes, the singular best solution is to cut out of the legacy financial market wholesale. Hayes urged the retail traders to move away from the legacy financial space of the past, which these traders are gaming quite expertly, and enter the crypto capital markets of the future.

It should be noted that Hayes as a public persona has been silent for months on end. This just coincidentally happened around the time the US financial regulator, the Securities and Exchange Commission (SEC) filed charges against the BitMEX exchange. He made an announcement, however, that not only does he have permission from BitMEX as a whole to post on its official blog, but he plans to post on a fortnightly basis. That means that every two weeks the world will be graced with good intended yet unfeasible requests.

Friendly and Not-So-Friendly Faces On Return

Many notable names within the crypto space have welcomed Hayes back with open arms. Charlie Shrem, BitInstant’s founder, Su Zhu, Three Arrows Capital CEO, as well as Dan Held, Growth Lead at Kraken, all welcomed Hayes back alongside Adam Back, the co-founder and CEO of Blockstream

With the Internet being what it is, many people welcomed him in, others asked if he shouldn’t be in prison, and venomous comment wars raged about these needless topics.

Hayes’ return is quite noteworthy, and one can’t help but wonder what he’s been up to throughout this time. Time will tell if anyone besides those close to him will ever know, but it’s clear that Hayes is planning to make his voice heard yet again.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close