Arthur Hayes is a name that is widely known in the world of cryptocurrency. He is the co-founder and former CEO of Bybit, one of the fastest-growing crypto derivatives trading platforms in the world. His rise to prominence in the crypto industry is a testament to his vision and drive, as well as his ability to navigate the tumultuous world of crypto.
“I bought my first Bitcoin from Arthur in 2013”
Arthur Hayes
Early Life and Education
Arthur Hayes was born on April 8, 1986, in Buffalo, New York. His father was an executive at General Electric, and his mother was a teacher. Hayes attended the prestigious Phillips Exeter Academy in New Hampshire, where he excelled academically and in sports. He went on to attend the Wharton School at the University of Pennsylvania, where he earned a degree in economics in 2008.
After graduating from Wharton, Hayes moved to Hong Kong to work for Deutsche Bank. He spent the next few years working in the finance industry in Asia, including stints at Citi and HKMEx. It was during this time that he became interested in Bitcoin and blockchain technology.
Early Career
In 2013, Hayes co-founded BitMEX, a Bitcoin derivatives trading platform, with Samuel Reed and Ben Delo. The platform quickly gained popularity among crypto traders due to its high leverage offerings and ease of use. Hayes served as the CEO of BitMEX until early 2020, when he stepped down from the role.
Under Hayes’ leadership, BitMEX became one of the largest and most successful crypto derivatives trading platforms in the world. The platform was known for its innovative products, such as perpetual swaps and its “insurance fund” to cover trader losses. However, BitMEX also came under fire for its high leverage offerings, which some critics argued were too risky for traders.
Hayes was also known for his outspoken personality and his willingness to engage with the crypto community. He was a frequent guest on crypto podcasts and was known for his colorful language and bold predictions. However, his brash demeanor also landed him in hot water at times. In 2019, he was sued by a former BitMEX employee who accused him of harassment and discrimination.
Founding Bybit
In 2018, Hayes co-founded Bybit, a Singapore-based crypto derivatives trading platform that aims to provide a fair and transparent trading experience for its users. Bybit offers a range of products, including perpetual swaps, futures contracts, and options, and has quickly become one of the most popular crypto derivatives platforms in the world.
Under Hayes’ leadership, Bybit has grown rapidly, with a user base of over 2 million traders in more than 190 countries. The platform has also received numerous accolades, including the Best Crypto Derivatives Exchange award at the 2020 World Blockchain Awards.
Bybit has also been at the forefront of innovation in the crypto industry. In 2020, the platform launched a new product called “USDT Binance Quarterly Futures,” which allows traders to speculate on the price of Bitcoin using the stablecoin USDT. Bybit has also been vocal about its commitment to security and has implemented a range of measures to protect its users’ funds and data.
Leaving Bybit
In February 2021, Hayes stepped down from his role as CEO of Bybit, citing personal reasons. The move came just months after Bybit was banned in the UK by the Financial Conduct Authority (FCA), which cited concerns about the platform’s compliance with anti-money laundering and counter-terrorism financing regulations.
Hayes’ departure from Bybit marked the end of an era in the crypto industry. He had been one of the most high-profile and controversial figures in the industry, and his departure was seen by many as a turning point for Bybit and the wider crypto industry. However, despite his departure, Hayes remains an influential figure in the industry and is still widely respected for his knowledge and insights into the crypto markets.
Hayes has also been vocal about his views on the future of crypto. In a 2020 interview with CNBC, he predicted that the price of Bitcoin could reach $100,000 by the end of 2021, a prediction that has since come true. He has also been bullish on the long-term prospects for Bitcoin and has argued that it could eventually replace gold as a store of value.
“One Trillion Dollars traded in a year; the stats don’t lie. BitMEX ain’t nothing to fu(king [sic] with”
Arthur Hayes Tweeted.
Controversies and Criticisms
Despite his success in the crypto industry, Hayes has not been without controversy. In addition to the harassment and discrimination lawsuit filed against him in 2019, he has also been criticized for BitMEX’s high leverage offerings, which some have argued encourage reckless trading.
In October 2020, Hayes and several other BitMEX executives were charged by the US Commodity Futures Trading Commission (CFTC) with violating anti-money laundering and know-your-customer regulations. The charges were seen as a major blow to BitMEX and the wider crypto industry, and some analysts argued that they could have a chilling effect on the industry as a whole.
In addition to the CFTC charges, Hayes and his co-founders were also charged with violating the Bank Secrecy Act by the US Department of Justice (DOJ). Hayes has since surrendered to US authorities and is currently awaiting trial.
Despite these controversies, Hayes remains a respected figure in the crypto industry and is widely recognized for his contributions to the development of crypto derivatives trading. His departure from Bybit may mark the end of an era, but his impact on the industry is likely to be felt for years to come.
