BitMEX exchange launches its native token BMEX

BitMEX is the best platform for crypto derivatives and has joined forces with Binance Exchange and many other crypto companies to launch their own crypto coin, BMEX.

The exchange announced the release of its native cryptocurrency on a verified Twitter page, revealing that it will be adding the coin to its client portfolio on a large scale on February 1.

New users and existing users can receive BMEX tokens. However, all must be fully verified according to the new BitMEX directive.

The first 50,000 new users who have completed KYC can register to receive 5 BMEX tokens and 10 Tether Stable Coins (USDT). Existing traders will receive BMEX tokens during trading. Specifically, they can earn up to 25% of the monthly fee for trading BMEX tokens in a 1:1 ratio, limited to 50,000 BMEX per month and users.

In addition, users who can recommend three new users to register and complete their KYC will receive 15 BMX tokens.

The BMEX token will have a maximum delivery of 450 million units. They are cut at once and given for a period of up to 5 years.

“Most of the BMEX is spent on rewarding consumers and expanding the BitMEX ecosystem,” said BitMEX. “The 20% distribution is reserved for employees and another 25% for our long-term commitment to the token and the ecosystem.”

A lightweight token document will be issued in January 2022, which will detail the token’s benefits to its holders.

BitMEX Gateway, CFTC Claims, DoJ
The stock market used to be in the midst of lawsuits filed separately by the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DoJ) at different times.

The exchange’s founders, Arthur Hayes, Ben Delo, and Samuel Reed, have been sued by the CFTC for operating an unregistered trading platform and for violating many CFTC regulations, including failing to comply with required anti-money laundering procedures.

The exchange was eventually pulled out of the case after a $100 million settlement. However, the trials of the three founders continued.