BitMEX, one of the first cryptocurrency exchanges to start offering derivatives products such as futures contracts, has announced the launch of a native token called BMEX. Token holders will be able to enjoy a range of benefits including trading discounts, better rates for the exchange’s EARN product, access to BitMEX’s Trading Academy, and much more. The Seychelles-based crypto exchange plans to publish the BMEX whitepaper by the end of January 2022 and will start distributing tokens on February 1, 2022, via airdrop to eligible users.
BitMEX tells about it Website That there will be a maximum supply of 450 million vested in BMEX tokens over five years. Of that supply, 20 percent has already been earmarked for BitMEX employees. The exchange will use “another 25 percent for” [its] Long-term commitment to the token and the ecosystem.”
The first 50,000 new users who sign up before January 31, 2022 and complete BitMEX’s KYC protocol, will receive 5 BMEX tokens and 10 tokens. tie rope Users can earn an additional 15 BMEX tokens for doing the same to three others before the token’s January deadline. Existing users can start earning up to 25 percent of their trading fees in BMEX by simply trading on the exchange.
The value of each BMEX token has no listing price as it will be determined by the market upon the launch of the company’s spot arm in early Q2. It is worth noting that users will not be able to withdraw tokens until spot trading starts.
Founded in 2014 by Arthur Hayes, Samuel Reed, and Ben Dello, BitMEX was one of the first cryptocurrency Exchanges in the market to begin offering derivative products or agreements that allow its holders to buy or sell assets on a specific date and at a specific price.
As such contracts gained popularity over the years, making BitMEX founders billionaires in the budding crypto world, BitMEX eventually came under regulatory fire over concerns that mainly revolved around the platform’s lax KYC rules.
Although the exchange eventually implemented more stringent compliance measures in October 2020, BitMEX filed a settlement with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) for failing to exceed $100 million (approximately Rs 752.22 crore) in August 2021. For this issue has been resolved. To collect identifying information about your customers.
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