The Shyft network recently welcomed into its ranks Malcolm Wright. Wright was formerly the chief compliance officer at BitMEX. Shyft is a startup whose chief business lies in helping crypto companies in complying with the rules related to anti money laundering (AML) laws.
Wright is a good choice for the role at Shyft. Wright also works at Global Digital Finance, which is a policy shop in finance. He is the co-lead there of the AML working group. Wright is also an expert on FATF’s stipulations on data sharing for crypto firms. These FATF rules are called ‘Travel Rules’ in common parlance.
Wright claimed that he has been a supporter, for long, of Shyft’s take on solving the travel rule. This involves adopting a decentralized approach as opposed to other approaches followed in the market.
Over the last year, DeFi, DAO and NFTs have gained wide market acceptance. Shyft is helping financial services firms in addressing related challenges – in addition to the travel rule.
At BitMEX, Wright was charged with the responsibility of re-doing the exchange’s compliance function. BitMEX is based in Seychelles. Wright was given the responsibility of cleaning up compliance operations, after many of BitMEX’s senior managers were charged with negligence. The managers operated with little regard for regulations.
Wright joined BitMEX towards the end of 2020. After joining the exchange, he set about transforming the exchange’s KYC processes. He removed all accounts without KYC documents. He then brought the firm in compliance with all FATF stipulations.
At Shyft, Wright is expected to speed up the development of the compliance infra and standards for the open-source and cross-system environment