This episode of The New Money Podcast features Stephan Lutz, CEO of BitMEX. Stephan shares how he transitioned from traditional finance at PwC and Deutsche Börse to leading BitMEX through one of the most turbulent chapters in crypto history. He recounts why joining BitMEX felt like ”winning the lottery,” how he moved his family from Germany to Singapore, and what it took to restore the exchange’s reputation post-regulatory action. He explains how BitMEX became the first crypto exchange to fully KYC its user base, what it’s like to work with elite legal teams, and why true regulatory compliance starts with culture – not paperwork. They dive into BitMEX’s “back to roots” strategy, prioritizing deep liquidity and product integrity over flashy expansion. Stephan also previews the next phase of BitMEX: low-latency infrastructure in Tokyo, institutional-grade margining, and third-party custody. A sharp, honest conversation about the inner workings of a crypto OG, surviving reputational risk, and what it really means to play offense in 2025.

Key Chapters 

02:40 BitMEX Origins & The ”Lottery” Moment

06:15 Unbanked in Southeast Asia: The Real Use Case for Crypto

08:37 From Germany to Singapore: A Family Bet on the Future

12:00 Cultural Insights: Singapore vs. Germany

16:00 Taking Over BitMEX During a Crisis

20:00 The Real Story Behind BitMEX's Legal Case

24:45 Playing Defense for Three Years

29:00 Going Public Again: BitMEX’s Mindset Shift in 2025

32:00 FTX, Offshore Regulation & Real Supervision

37:11 Back to the Roots: Focusing on Derivatives

41:45 The 2025 Playbook: Margining, Latency, Custody, UX

46:30 Quickfire Insights on Fintech and Crypto Trends

This is NOT financial, tax, or legal advice
Music by Marcelo Cataldo – http://www.marcelocataldo.com