June 22 (Cointime) - 100x Group, the parent company of BitMEX, believes that crypto exchanges that profit from proprietary trading should have phased out internal market making teams by now.

According to Stephan Lutz, acting CEO and group CFO at 100x Group, there are enough high frequency traders and prop shops that can perform the function of liquidity providers.

Concerns have been raised about potential conflicts of interest with Crypto.com and BitMEX, who both employ internal traders, but BitMEX's traders work for a separate legal entity named Arrakis Capital that plays a limited role.

Arrakis considered rebuilding their market-making game in mid-2022 but ultimately decided against it after testing.