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We are setting out to change the status quo and reshape the modern digital financial system into one which is more inclusive, and empowering.". 1. But our ambitions don't stop there. This blog is operated by HDR Global Trading Limited, a company incorporated under the International Business Companies Act of 1994 of the Republic of Seychelles with a company number of 148707 and registered address at Global Gateway 8, Rue de la Perle, Providence Mahé, Seychelles (“HDR… Docket for Williams v. HDR Global Trading Limited, 1:20-cv-02805 — Brought to you by the RECAP Initiative and Free Law Project, a non-profit dedicated to creating high quality open legal information. HDR Global Trading Limited, the operator of BitMEX, pledged to donate $2.5 million to four organizations to fight the coronavirus pandemic. The ASA noted that the ad showed a graph depicting the value of bitcoin against the US dollar since January 2009. HDR Global Trading Limited was incorporated in the Seychelles in 2014 as a Seychelles International Business Company. The graph depicted a sudden rise in the value of Bitcoin after July 2010. Upheld Hoeptner will lead 100x Group as they pursue their vision of shaping the evolution of digital financial services through strategic investments, innovation, and enhancement of the BitMEX platform. Bitmex is one of the world’s largest cryptocurrency derivatives trading platforms and is owned and operated by HDR Global Trading Ltd, a Seychelles-incorporated entity. They said that the platform was a contracts-based exchange for the trading of derivatives. 27. We understood, however, that bitcoin’s value had fluctuated dramatically in recent years from, for example, approximately: US $1,000 at the beginning of 2017 to US $14,000 in November of that year and then steadily back down again to US $4,000 at the time the ad was published in January 2019. HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited (BitMEX) are some entities that operate with BitMEX owners and are defendants in the complaint. And although the road ahead will be challenging, there's a reason to believe Bitcoin's still got a chance at glory". 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform, has appointed Alexander Hoeptner as its new Chief Executive Officer. They also said it stated "the road ahead will be challenging". The highest value recorded on the graph was of more than $10,000 between July 2017 and Jan 2018. They said that given the overall increase in Bitcoin's value over the past ten years, the logarithmic scale of the graph significantly understated the scale of the rise in its value which appeared as modest upward growth rather than the approximately 5,200,000% growth from 18 August 2010. For those reasons we considered that readers of the ad were likely to be misled about bitcoin’s value and stability in recent years and therefore about what any investments they might previously have made would have yielded. HDR Global Trading Limited Securities Litigation. HDR Global Trading Limited (BitMEX) is a Company located in Seychelles, Africa, and was founded in 2014. Today the Group employs over 200 people globally including a team of world-leading developers, engineers, financial products specialists and compliance experts. 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform, has appointed Alexander Höptner as its new Chief Executive Officer. v. HDR Global Trading Limited, et al., is pending under docket number 1:20-cv-02805-ALC and seeks rescission and damages. 100x Group explores, incubates and pursues opportunities and investments, as part of its mission to reshape the modern digital financial system into one which is inclusive and empowering. The lawsuit alleged that HDR Global Trading Limited, the company that owns and operates BitMEX, violated know your customer and anti-money laundering policies, which caused hackers and tax evaders to use the exchange. The horizontal axis was divided and labelled into six month units showing dates between January 2009 and January 2019. BitMEX said the purpose of the graph was to inform, not to sell, that it was not intended to present detailed data for the purposes of financial analysis and the small scale would make it difficult for it to be used for that purpose. is a Bermuda entity incorporated in 2018 and having registered company number 53775. MAHE, Seychelles, Dec. 1, 2020 /PRNewswire/ -- 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform, has … Alumni The Relationship Science Alumni Index highlights the achievements of influential company alumni. HDR Global Trading Ltd. operates as a cryptocurrency derivatives trading platform. Despite being incorporated in the Seychelles, HDR does not have, and never has had, any operations or employees in the Seychelles. However we considered that at least some specialist knowledge of that type of scale would be needed to interpret the graph and that, in the absence of clear explanatory information, the graph was unlikely to be familiar or readily understandable to the national newspaper audience to whom the ad was directed. BitMEX and the mobile apps issued under BMEX are wholly owned and operated by HDR Global Trading Limited, a Republic of Seychelles incorporated entity or its relevant authorised affiliates. AdviceOnline entries provide guidance on interpreting the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing. BitMEX said the remainder of the ad referenced the risk involved in any investment which referred to Bitcoin in Mr Hayes' article as "still very much an experiment" and mentioned "price volatility" as an issue affecting Bitcoin. Sign up to our newsletters. Click here for FAQs and to submit an enquiry. It has employees operating out of its Bermuda office. This meant that the space at the top of the graph between 10,000 and 100,000 represented a change of $90,000 whereas the same space further down the graph represented only fractions of one dollar. They said the graph was not intended to advertise either Bitcoin or any of BitMEX's products. A newspaper ad for the cryptocurrency trading platform BitMEX, seen on 3 January 2019. The company was founded by Ben Delo, Arthur Hayes and Samuel Reed in 2014 and is headquartered in Hong Kong. Individually and on behalf of all others similarly situated, Plaintiffs bring this action against Defendants HDR Global Trading Limited, ABS Global Trading Limited (together with HDR … The horizontal axis was divided and labelled into six month units showing dates between January 2009 and January 2019. Its employees provide contract-based services to its parent company, HDR Global Trading Limited, a Republic of Seychelles entity incorporated in 2014 and having registered company number 148707. AS140632 HDR Global Trading Limited Network Information, IP Address Ranges and Whois Details Text at the top of the left page stated “3 January 2009. HDR Global Trading Ltd. BitMEX said it was a peer-to-peer crypto-products trading platform that offered leveraged contracts bought and sold in Bitcoin, that it did not buy or sell Bitcoin and that while its products indirectly exposed investors to Bitcoin price fluctuation, an investor's gains or losses were not directly dependent on rises or falls in the value of Bitcoin. Arthur Hayes, Co-Founder and CEO of 100x, said, "Financial services play a crucial role in our everyday lives and in the global economy. We noted that the graph used a logarithmic scale on its y-axis which meant that the equally spaced values on that scale did not increase by the same amount each time and instead increased by orders of magnitude. With the knowledge, experience and resources of 100x, we have great confidence in our ability to make a positive and long-lasting impact on the development of the digital financial ecosystem of the future.". They said that while cryptocurrency might experience falls in values as well as rises across a ten-year period, both were equally and accurately represented by the scale used. All Rights Reserved. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. In practice this meant that the y-axis of the graph increased incrementally by the power of ten. BitMEX, described as a Seychelles-domiciled "cryptocurrency/derivatives exchange"; ABS Global Trading Limited, of San Francisco, California, and Arthur Hayes at the Superior Court of the State of California, County of San Francisco. HDR Global Services (Bermuda) Limited. BitMEX is a P2P crypto-products trading platform. By January 2017, it had become, and remains, the largest cryptocurrency derivatives exchange in the world, with the highest trading volume of any such futures exchange. Two complainants, who believed the ad failed to illustrate the risk of the investment, challenged whether it was misleading. This new structure provides the Group with more freedom to explore, incubate and pursue new opportunities and investments, whilst remaining committed to enhancing BitMEX's leadership position in the cryptocurrency exchange market. The appointment of Wong, who has more than 30 years of experience in the financial services sector, comes after a wave of regulatory scrutiny Blockchain News, Opinion, TV and Jobs – HDR Global Trading Limited BitMEX said that, in any case, the graph provided an appropriate and clearly labelled scale to depict the fluctuations in Bitcoin's value over the course of ten years according to reliable and factually correct data. They said that the graph did not exaggerate the benefits of a Bitcoin investment or conceal the risks associated with such an investment. Dr David Wong, Non-Executive Chairman of 100x, added, "BitMEX remains central to the ongoing success of our business, and we will continue to invest in the platform to maintain and grow our leadership position. Cryptocurrency charts by TradingView. According to the Complaint, HDR Global Trading Limited launched in 2014. Learn more about our Press Team and how to sign up to gain access to embargoed rulings. May 18, 2020 @ 11:04 pm By Omar Faridi | . They said there was no suggestion that investors should be optimistic about future investment prospects of Bitcoin or any of BitMEX's trading products. Helpful information on the advertising rules and examples of previously published ASA rulings based upon topics, issues and media channels. MAHE, Seychelles, July 14, 2020 /PRNewswire/ -- HDR Global Trading Limited ("HDR"), the company behind leading cryptocurrency derivatives trading platform, BitMEX, announces the creation of a new holding company structure, 100x. They said as a crypto-trading platform BitMEX allowed investors access to crypto financial derivatives markets to facilitate their trading with each other on a peer-to-peer basis. BitMEX allows users to ‘Trade Bitcoin and other cryptocurrencies with up to 100x leverage.’ Our rulings are a transparent record of our policy on what is and isn’t acceptable in ads. They said the logarithmic scale was the only sensible way of depicting such a significant increase. A lawsuit was filed on May 16, 2020, against HDR Global Trading Ltd, the parent company of the Hong … Crypto derivatives exchange BitMEX announced on Monday that its operating company HDR Global Trading Limited is donating US$2.5 million towards the global effort to respond to the coronavirus pandemic. They said it was not possible to buy or sell Bitcoin on the BitMEX platform, or transfer physical or other currencies to HDR Global Trading in exchange for Bitcoin. Get updates, handy hints, and insightful advice direct from the experts who write the advertising rules. We considered that was a clear promotional statement of Bitcoin's merits and did very little to warn consumers of any risks. Ltd. is a Singapore entity incorporated in 2019 and having registered company number 201921049W. HDR Global Trading Limited, 3:20-cv-03345 — Brought to you by the RECAP Initiative and Free Law Project, a non-profit dedicated to creating high quality open legal information. The ad must not appear again in its current form. It has been created by the founders of HDR Global Trading, the company behind the cryptocurrency derivatives trading platform, BitMEX. 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