BitMEX crypto exchange announces the striking of the native BMEX token
BitMEX will be broadcasting the tokens to users until February of next year, with spot exchanges on the new BitMEX Spot Exchange expected early in the second quarter.
Tuesday, BitMEX announcement the minting of its native BMEX token, slated for deployment by February 1, 2022. Via airdrops, new and existing users would receive the token in their BitMEX.com wallets, an offer the exchange called “sign for true believers.
BitMEX explained in an article that the token would have a maximum supply cap of 450 million, much of which would be considered to invest in ecosystem expansion. The P2P crypto trading platform further stated that the utility token white paper is expected to be released at the end of January next year, and spot trading is expected in the second quarter of 2022.
“The vast majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. A 20% allowance is reserved for BitMEX employees and an additional 25% for our long-term commitment to the token and the ecosystem ”, the post read.
There are several ways that users could receive the offers. To begin with, the first 50,000 users to open a new account and complete the KYC procedures would be eligible to receive 5 BMEX tokens and an additional 10 USDT. Referrals to three friends (KYC registration and completion) would offer users 15 tokens, and clients could also earn up to 25% of their monthly BMEX trading fees for exchange trades, with a cap of 50,000 BMEX. per user each month.
A little too late to launch the token?
Although the exchange founded in 2014 announced its native BMEX token, it apparently joined the party a bit too late. A host of other exchanges, including FTX (FTT), Crypto.com (CRO), Binance (BNB), KuCoin (KCS), and Huobi (HT), have already issued their tokens. These exchanges allowed users to save on trading fees through their tokens, helping them to recoup BitMEX trading volumes.
BitMEX has also been a topic of conversation, mainly for its legal issues in recent years. This played a role in losing its competitive edge. In October last year, the Commodity Futures Trading Commission (CTFC) announced that it was pursuing the cryptocurrency exchange alongside its co-founders Arthur Hayes, Ben Delo and Samuel Reed for violating several regulatory requirements. trading.
The cryptocurrency exchange and derivatives trading platform have been settled with U.S. regulators, resulting in a penalty of $ 100 million in August of this year. The co-founders still face legal action for failing to establish anti-money laundering measures, as required by the bank secrecy law.
There are several ways that users could receive the offers. To begin with, the first 50,000 users to open a new account and complete the KYC procedures would be eligible to receive 5 BMEX tokens and an additional 10 USDT. Referrals to three friends (KYC registration and completion) would offer users 15 tokens, and clients could also earn up to 25% of their monthly BMEX trading fees for exchange trades, with a cap of 50,000 BMEX. per user each month.
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