Former BitMEX CEO Arthur Hayes has made headlines by calling on all legacy traders to ‘opt-out’ of the legacy trading platforms and, in turn, embrace the “Crypto Capital Markets.”
The BitMEX co-founder has returned from exile with a post on the derivatives exchange’s official blog. In his post, he called for a boycott of legacy platforms after the GameStop saga.
Hayes explained that the incident where trading on Robinhood was stopped after retail traders forced a short squeeze that made hedge funds lose billions showed that the markets are stacked against the retail traders:
“The game masters just didn’t like how the game was being played, so they jacked up margin to force a course correction.”
The ex-BitMEX CEO encouraged retail traders to shun the legacy financial system and go for the “Crypto Capital Markets”:
“Withdraw all your money from your broker. Stop trading. Stop paying the system that you believe treats you like a second-class citizen. That is opting out, and it is extremely powerful and liberating.”
This post comes after months of silence from Hayes who went silent in September 2021 after the U.S. Department of Justice and the Commodity Futures Trading Commission filed extensive charges against BitMEX top executives for supposedly violating federal anti-money laundering (AML) and know-your-customer (KYC) obligations and managing unregistered trading exchange.
Hayes’ post did not offer any indication about his current whereabouts. Also, it failed to address any of the accusations that were leveled against BitMEX. Nonetheless, he has BitMEX’s permission to post on the official blog as he said that he plans to post after every two weeks.
The executive’s return to Crypto-Twitter for the first time since September 2021 was welcomed by many famous figures in the crypto industry, including Kraken’s growth lead Dan Held, Blockstream co-founder and CEO, Adam Back, BitInstant founder Charlie Shrem, and Three Arrows Capital CEO Su Zhu.
Arthur's baack! Good read 👍 on $GME people need to grok the rules. Know the system.
— Adam Back (@adam3us) February 18, 2021
But, not everyone was excited by Hayes’ return. One Twitter-user “Lord Ashdrake” replied to Hayes: “bro, shouldn’t you be like in jail or something?”