- Cryptocurrency Exchange BitMEX is launching its native token called BMEX, with airdrops scheduled for current and new users.
- The signal will not be available in the US, where the firm has been charged with a breach of AML and KYC in 2020.
The cryptocurrency exchange BitMEX is going to launch the new native token of the platform, BMEX. As announced on Tuesday, the BMEX token will be launched on February 1, 2022. Both current and new users will receive the tokens in their BitMEX wallet.
New users will need to register and complete the KYC requirements to receive 5 BMEX tokens in addition to 10 Tether stables (USDT). Meanwhile, existing tokens will receive tokens up to 25 percent of their trading fees each time they trade. A referral program allows you to recommend the platform to three people. Upon registration and completion of the KYC, the referrer receives 15 BMEX tokens delivered.
More users can receive BMEX tokens in the second quarter of 2022. At that time, the token will be able to trade on BitMEX spot market and other selected third-party exchanges.
Launched in BitMEX of the native BMEX signal
The tokens have a supply cap of 450 million, acquired in a 5 year period. BitMEX notes on its official website.
The vast majority of BMEX will go towards rewarding users and growing the BitMEX ecosystem. An allocation of 20% has been reserved for BitMEX employees and a further 25% for our long-term commitment to the signal and ecosystem
Currently, the signal has no specific value. The exchange suggests that this will be determined by “market strength” at the beginning of the second quarter of 2022, when BMEX will be tradable. Users will only be able to withdraw sent signals when they are posted on the BitMEX spot market.
We are delighted to announce the minting of our sign, BMEX 🔥
The Token for True Believers!
– BitMEX (@BitMEX) December 21, 2021
In addition to being used to participate in BitMEX, the BMEX token will act as an ecosystem reward token. Holders will enjoy «discounts on trade fees, higher yields on winning products, preferential access to products, participation in loot racks and much more.»
The Litepaper of the exchange is scheduled to be released next year in January.
There are no BMEX signs for US citizens
Launched in 2014, BitMEX is one of the oldest cryptocurrency exchange firms in the industry. In late 2020, the exchange faced litigation with the Commodity Futures Trading Commission (CFTC). The allegations were operating an unregistered trading platform and violating KYC and anti-money laundering guidelines.
The company reached an agreement with the CFTC and FinCEN last August with a $ 100 million fine. Other terms of the market were that BitMEX would cease its services in the United States until it received a license from the CFTC or operated as an exchange trading facility. For this reason, the BMEX signal will not be available to US citizens. The company also banned access to the sign to «approved persons» and those from «other restricted jurisdictions.»