While the regulatory pressure from the USA continues, the crypto exchange platform is reporting back with an in-house token.
The crypto exchange platform BitMex came back from the regulatory firing line in the US with a different kind of news. Accordingly, the exchange plans to launch its own token (BMEX). The airdrop is scheduled to take place on February 1, 2022.
Existing and new customers should benefit from the token. It is planned that BMEX holders will have to pay fewer transaction costs. “Token holders will soon be able to enjoy preferential prices on our Fiat On-Ramp and the upcoming BitMEX spot exchange,” the company wrote on its website. In addition, traders could get up to 25 percent of the trading fee back in the form of BMEX.
The BitMex team should also benefit from the in-house token. “Most of the BMEX will be used to reward our users and grow the BitMEX ecosystem. 20 percent will be reserved for BitMEX employees and 25 percent for our long-term commitment to the token, ”explained the crypto-exchange platform. The total number of the BMEX token is limited to 450 million.
BMEX tokens with one exception
However, a look at the fine print reveals that the crypto exchange is still not having an easy time with the US authorities. “US persons and sanctioned persons are not allowed to carry out transactions with the BMEX token,” it says on the website.
This is likely to be due to the lawsuit filed by the US Commodity Futures Trading Commission (CFTC) in 2020. At that time, the authority accused BitMEX of operating an unlicensed trading platform, as well as violating anti-money laundering and know-your-customer regulations. The consequence has been shown in the form of a lawsuit by the CFTC in the New York District Court.
The authorities had also filed criminal charges against BitMEX founders Arthur Hayes, Ben Delo and Samuel Reed. Alexander Höptner, former head of the Stuttgart Stock Exchange (BSDEX), is now CEO of the crypto exchange platform.