Today the Group employs over 200 people globally including a team of world-leading developers, engineers, financial products specialists and compliance experts. The vertical axis was labelled “Bitcoin Price In US Dollars” separated by decimal point value increments from $0.0001 to $100,000. They said the logarithmic scale was the only sensible way of depicting such a significant increase. The horizontal axis was divided and labelled into six month units showing dates between January 2009 and January 2019. The ad must not appear again in its current form. Blockchain News, Opinion, TV and Jobs – HDR Global Trading Limited Turns out, that was a pretty big deal.” Text in the bottom right corner of the graph stated “Source:Blockchain.com”. The horizontal axis was divided and labelled into six month units showing dates between January 2009 and January 2019. All Rights Reserved. They said the graph was not intended to advertise either Bitcoin or any of BitMEX's products. The highest value recorded on the graph was of more than $10,000 between July 2017 and Jan 2018. 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. HDR Global Trading Limited, described as the owner of the trading platform called BitMEX, of the Seychelles; ABS Global Trading Limited, described as a Delaware company based in Hong Kong; Arthur Hayes, Ben Delo, and Samuel Reed, all described as residents of Hong Kong, at the U. S. District Court for the Southern District of New York. Cryptocurrency charts by TradingView. The ad showed a graph spread across two pages. And although the road ahead will be challenging, there's a reason to believe Bitcoin's still got a chance at glory". 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. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. HDR Global Trading Limited (BitMEX) is a Company located in Seychelles, Africa, and was founded in 2014. 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. Website. 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. 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. 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. A lawsuit was filed on May 16, 2020, against HDR Global Trading Ltd, the parent company of the Hong … They said that the platform was a contracts-based exchange for the trading of derivatives. Ltd. is a Singapore entity incorporated in 2019 and having registered company number 201921049W. The ad breached CAP Code (Edition 12) rules 3.1 and 3.3 (Misleading advertising), 3.11 (Exaggeration) and 14.1 (Financial products). The company was founded by Ben Delo, Arthur Hayes and Samuel Reed in 2014 and is headquartered in Hong Kong. AS140632 HDR Global Trading Limited Network Information, IP Address Ranges and Whois Details A newspaper ad for the cryptocurrency trading platform BitMEX, seen on 3 January 2019. 100x will become the holding structure for HDR and all their other assets, including the BitMEX platform. HDR GLOBAL LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity 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.". 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 graph depicted a su… 1. This website 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”). Arthur Hayes, Co-Founder and CEO of 100x, said, "Financial services play a crucial role in our everyday lives and in the global economy. The ad showed a graph spread across two pages. HDR Global Trading Limited, the operator of BitMEX, pledged to donate $2.5 million to four organizations to fight the coronavirus pandemic. 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. May 18, 2020 @ 11:04 pm By Omar Faridi | . Cision Distribution 888-776-0942 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 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. Four complainants, who believed the ad exaggerated the return on the investment, challenged whether it was misleading. MAHE, Seychelles, Dec. 1, 2020 /PRNewswire/ -- 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform, has … Get updates, handy hints, and insightful advice direct from the experts who write the advertising rules. 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. 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. They said that they did not intend to republish the relevant material nor publish any ads in the UK which featured a similar logarithmic representation of the price of Bitcoin. Yet, in this digital age, financial services remain too slow and too complicated to transform. Explore a list of HDR Global Trading Ltd.'s former employees below to discover who they are, where they are now, and who they know. HDR Global Trading Ltd. HDR Global Trading Limited is incorporated in Seychelles, with its principal office located at Global Gateway 8, Rue de la Perle, Providence Mahé, Seychelles. Sign up to our newsletters. It has been created by the founders of HDR Global Trading, the company behind the cryptocurrency derivatives trading platform, BitMEX. AdviceOnline entries provide guidance on interpreting the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing. 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. HDR Global Trading Limited, a.k.a. The firm offers contract services which are bought and paid out in Bitcoin. Helpful information on the advertising rules and examples of previously published ASA rulings based upon topics, issues and media channels. Learn more about our Press Team and how to sign up to gain access to embargoed rulings. 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. For those reasons we considered that the ad had misleadingly exaggerated the return on investment, failed to illustrate the risk of the investment and therefore concluded it was in breach of the Code. Throughout the Relevant Period, HDR has owned and operated the BitMEX trading platform. We considered that was a clear promotional statement of Bitcoin's merits and did very little to warn consumers of any risks. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. MAHE, Seychelles, July 14, 2020 /PRNewswire/ -- HDR Global Trading Limited ("HDR"), the company behind leading cryptocurrency derivatives trading platform, BitMEX, announces the … It has employees operating out of its Singapore office. We told HDR Global Trading Ltd to ensure that financial information in their ads was set out in a way that allowed it to be readily understood by the audience being addressed and that the risks of investments were sufficiently clearly signposted. Cryptocurrency charts by TradingView. 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. The lawsuit, captioned Williams, et al. HDR operates, BitMEX allows users to ‘Trade Bitcoin and other cryptocurrencies with up to 100x leverage.’ 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. 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. In practice this meant that the y-axis of the graph increased incrementally by the power of ten. Ten years ago today, the first block of the Bitcoin blockchain referenced the front page of The Times.” Text at the top of the right page stated “3 January 2019. HDR Global Trading Limited Securities Litigation. 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. It has employees operating out of its Bermuda office. HDR Global Services (Bermuda) Limited. We understood that such scales were a valid and useful way of presenting data; particularly when there was a need to show very large changes or rates of change over long time periods. 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. The ASA noted that the ad showed a graph depicting the value of bitcoin against the US dollar since January 2009. Two complainants, who believed the ad failed to illustrate the risk of the investment, challenged whether it was misleading. v. HDR Global Trading Limited, et al., is pending under docket number 1:20-cv-02805-ALC and seeks rescission and damages. HDR Global Trading Ltd. operates as a cryptocurrency derivatives trading platform. HDR Global Services Limited. HDR Global Trading Limited (which owns and operates the BitMEX cryptocurrency trading platform) is proud to support Bitcoin development and engineering, aimed at improving Bitcoin’s robustness, scalability and privacy. 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. The BitMEX platform, brand and legal structure remain unchanged and the Group will continue to invest in growing the BitMEX platform. 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. Text at the top of the left page stated “3 January 2009. Building on the success of BitMEX, the new 100x holding company structure will pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering. is a Bermuda entity incorporated in 2018 and having registered company number 53775. They said there was no suggestion that investors should be optimistic about future investment prospects of Bitcoin or any of BitMEX's trading products. Hdr Global Trading Limited Suite 23, 1st Floor, Eden Plaza Vistra Corporate Services Centre Eden Island Mahe : Serial Number: 87856285: Filing Date: March 29, 2018: Status: Fourth Extension - Granted: Status Date: September 22, 2020 The graph depicted a sudden rise in the value of Bitcoin after July 2010. 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. Their case number is CGC-19-581267. 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. Filing 2 CERTIFICATE OF SERVICE by HDR Global Trading Limited re #1 Notice of Removal, (Hibbard, Stephen) (Filed on 1/2/2020) January 2, 2020: Filing 1 NOTICE OF REMOVAL of Civil Action from San Francisco Superior Court. The team behind BitMEX created the XBTUSD Perpetual Swap, which has become the most traded cryptocurrency product of all time. They also said it stated "the road ahead will be challenging". Alumni The Relationship Science Alumni Index highlights the achievements of influential company alumni. For example, after zero the scale went to 1, then 10, then 1000, up to 100,000, unlike an arithmetic scale which would increase by the same amount each time (100, 200, 300 etc.). The grant is non exclusive and … A newspaper ad for the cryptocurrency trading platform BitMEX, seen on 3 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. BitMEX said that it did not seek to promote any products sold by its parent company HDR Global Trading and that the ad did not relate to capability or performance of any products offered by HDR Global Trading, nor did the ad constitute an offer of a financial product for the purposes of CAP Code rule 14.1. In any case the full text stated "Despite price volatility and how entirely bonkers the system seems, the Bitcoin protocol appears robust. The 100x Group is led by HDR's founders, Arthur Hayes, Ben Delo and Sam Reed. 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. In addition, we did not consider that the text alongside the graph which stated that Bitcoin was "still very much an experiment", that "the road ahead will be challenging" or "price volatility" mitigated the overwhelming impression about Bitcoin's value created by the graph. But our ambitions don't stop there. HDR Global Trading Limited is the owner of the trading platform called BitMEX and operated BitMEX out of an office in Manhattan. BitMEX said that all transactions settled in Bitcoin would require an individual user to already own Bitcoin before they used the BitMEX exchange platform and that BitMEX had no direct financial interest in the value of cryptocurrency itself. They said that while the ad stated "advertisement" at the top of the page it was not intended as a promotion of their products but rather as a commemoration of an important landmark in the industry and that any optimism represented by the feature referred primarily to the security and technology of a system which was simultaneously stored on thousands of computers around the world, with no single entity controlling the blockchain. The appointment of Wong, who has more than 30 years of experience in the financial services sector, comes after a wave of regulatory scrutiny BitMEX is a P2P crypto-products trading platform. BitMEX is a P2P crypto-products trading platform. 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… Three Fins Pte. The Advertising Standards Authority Ltd. (trading as ASA), registered in England and Wales, Registered Number 0733214, The Advertising Standards Authority (Broadcast) Ltd. (trading as ASAB), registered in England and Wales, Registered Number 5130991, The Committee of Advertising Practice Ltd. (CAP), registered in England and Wales, Registered Number 8310744, The Broadcast Committee of Advertising Practice Ltd. (BCAP), registered in England and Wales, Registered Number 5126412, All companies listed are registered at: Castle House, 37-45 Paul Street, London, EC2A 4LS [, Online, catch-up TV and radio, in-app and in-game, Newspapers, magazines and printed materials, Guidance on advertising delayed payment services, Enforcement Notice - Advertising Tax Arrangement Schemes. 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. 2. According to the Complaint, HDR Global Trading Limited launched in 2014. The vertical axis was labelled “Bitcoin Price In US Dollars” separated by decimal point value increments from $0.0001 to $100,000. 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. Our rulings are a transparent record of our policy on what is and isn’t acceptable in ads. Despite being incorporated in the Seychelles, HDR does not have, and never has had, any operations or employees in the Seychelles. HDR Global Trading Limited was incorporated in the Seychelles in 2014 as a Seychelles International Business Company. In that context we considered that readers were likely to interpret the line of the graph to mean that there had been a sharp then steady rise in bitcoin’s value in its early years up to its peak in November 2017 followed by a gentle decline in recent years. BMA LLC v. HDR Global Trading Limited, 3:20-cv-03345 – CourtListener.com 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 … Click here for FAQs and to submit an enquiry. 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. Upheld 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 that the graph did not exaggerate the benefits of a Bitcoin investment or conceal the risks associated with such an investment. 27. 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… 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. HDR Global Trading Limited, the company behind the cryptocurrency derivatives trading platform, BitMEX, has appointed Dr. David Wong, as Non-Executive Chairman. 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. We are setting out to change the status quo and reshape the modern digital financial system into one which is more inclusive, and empowering.". 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