The BMEX token will appear on February 1, 2022.
Crypto exchange BitMEX will launch its own token and distribute it to users, the company said on Twitter.
The exchange token will be called BMEX and will appear on February 1, 2022, the crypto exchange said.
New and existing users will receive 5 BMEX and 10 USDT. Token holders will be able to trade with reduced commissions.
In total, the crypto exchange will issue 450 million BMEX tokens. Most of the tokens will be used for user distribution and development of the BitMEX ecosystem, the crypto exchange said.
“20% is reserved for BitMEX employees and another 25% will serve as our long-term commitment to the token and ecosystem,” the company told TheBlock.
The crypto exchange will publish token details and whitepaper in January 2022.
BitMEX also plans to launch its own spot trading platform as early as the second quarter of 2022, the company said. The token will be listed on the new exchange. Until then, users will not be able to delete BMEX.
United States residents will not be able to buy new tokens, according to the crypto exchange website.
Recall that in the fall of 2020, American regulators accused BitMEX of doing business illegally in the United States, violating the Bank Secrecy Act, as well as KYC (know your client) and AML (anti-money laundering) requirements. The leaders of crypto companies abandoned their posts and then voluntarily surrendered to US authorities. The current CEO of BitMEX, Alexander Heptner, claims that the exchange’s conflict with regulators has been abandoned. In August, the crypto exchange paid a $100 million fine in this case.
Information about the possibility of withdrawing funds by issuing tokens appeared in April this year. As an alternative, BitMEX is considering an IPO or a deal with SPAC.
Binance also owns its tokens – BNB, Huobi – HT, FTX – FTT, as well as a number of other small crypto exchanges.
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