Representation of the Bitcoin cryptocurrency is seen with Chinese flag in the background in this illustration photo taken in Poland on November 29, 2020. (Photo illustration by Jakub Porzycki/NurPhoto)

A former Bank of China official has entered the world of crypto.

Wai Kin Chim, who was chief credit officer at the state-owned commercial bank, been appointed as a non-executive board director by 100x Group, crypto exchange and derivative trading platform BitMEX’s parent company, according to a February 1 blog post.

Chim, who has more than 30 years of financial expertise including international banking, compliance, corporate governance and risk management, will participate in policymaking and planning decisions and monitor the executive directors, Cointelegraph reports.

100X has stepped up its regulatory and compliance efforts amid an ongoing legal action brought against BitMEX by American securities regulators.

A spokesperson for 100x told Cointelegraph that Chim currently serves as an independent non-executive director at Hong Kong-based OCBC Wing Hang Bank, chairing the risk management committee. Prior to joining OCBC Wing Hang, Chim was also an independent non-executive director for Standard Chartered Bank’s Chinese division. He also held a senior post at Deutsche Bank.

Chim reportedly was the highest-paid executive at the Bank of China, which he left in 2015 after senior managers at Chinese lenders had their pay slashed.