June 21, 2021

BitMEX’s Arthur Hayes returns with calls for a boycott of legacy finance

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BitMEX co-founder and former CEO Arthur Hayes has returned from exile with a post on the derivatives exchange’s official blog calling for a boycott of legacy platforms following the GameStop drama.

Hayes said the incident, where trading on Robinhood was halted after retail traders forced a short squeeze causing hedge funds to suffer billions in losses, showed that markets are stacked against 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,” he said.

The former BitMEX CEO urged retail traders trader to “opt-out” of the legacy financial system in favor of “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.”

The post follows months of silence from Hayes — who went to ground last year after the U.S. Department of Justice and the Commodity Futures Trading Commission filed charges against BitMEX executives in October for allegedly violating federal anti-money laundering and know-your-customer obligationsTitle: BitMEX’s Arthur Hayes returns with calls for a boycott of legacy finance
Sourced From: cointelegraph.com/news/bitmex-s-arthur-hayes-returns-with-calls-for-a-boycott-of-legacy-finance
Published Date: Fri, 19 Feb 2021 03:50:56 +0000