Home Cryptocurrency BitMEX launches spot crypto exchange following $30M penalty

BitMEX launches spot crypto exchange following $30M penalty

by Serge Shlykov

BitMEX is launching a spot cryptocurrency exchange, following the $30 million penalty imposed by US regulators. The Hong Kong-based company will be retaining their futures trading platform and new fiat currency pairs for now, but plans to launch the new crypto platform in Q4 2018.

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BitMEX has launched a new spot crypto exchange following a $30M penalty from the U.S. Commodity Futures Trading Commission, which was imposed after the company allegedly manipulated markets in Bitcoin futures contracts.

BitMEX launches spot crypto exchange following $30M penalty

 

Global cryptocurrency derivatives market BitMEX is finally introducing a spot crypto trading platform, extending its platform beyond derivatives.

BitMEX’s spot crypto exchange, the BitMEX Spot Exchange, went online on May 17, enabling individual and institutional investors to buy, sell, and trade cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) (ETH).

At the time of launch, the exchange provides seven cryptocurrency pairs: BTC, ETH, Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE), all of which are traded against the Tether stablecoin (USDT).

The BitMEX Spot Exchange was launched with the goal of becoming one of the top 10 biggest spot exchanges in the world. According to the release, the business chose to launch its own spot exchange last year in response to increased crypto trading demand from its present user base.

“Today, BitMEX takes another step toward providing our customers with a complete crypto environment through which to purchase, sell, and trade their preferred digital assets. BitMEX CEO Alexander Höpner said, “We will not rest as we aspire to give more features, more trading pairs, and more methods for our customers to participate in the crypto revolution.”

BitMEX, one of the world’s biggest and oldest cryptocurrency trading platforms, was founded in 2014, roughly six years after Bitcoin was established. Unlike spot exchanges, BitMEX focuses on derivatives, enabling users to purchase and sell contracts such as futures, options, and perpetuals on a variety of crypto assets.

According to CoinMarketCap statistics, BitMEX is one of the top 30 largest derivatives crypto trading platforms at the time of writing, with daily trading volume of $841 million. As of 2020, BitMEX was rated with Binance as one of the largest derivatives marketplaces by open interest.

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In February 2022, BitMEX founders Arthur Hayes and Hong Konger Benjamin Delo pleaded guilty to breaking the Bank Secrecy Act, and chevalier cheval chevalier chevalier chevalier chevalier chevalier chevalier chevalier chevalier chevalier chevalier chevalier chevalier In March, the court sentenced the three co-founders of the BitMEX crypto derivatives exchange to pay a total of $30 million in civil monetary penalties.

Bitcoin and Ethereum futures will be launched by the Brazilian Stock Exchange.

Following a failed takeover of the German bank Bankhaus von der Heyd, the business allegedly lay off roughly 75 people, or a quarter of its workforce, in April.

BitMEX did not immediately react to a request for comment from Cointelegraph. This page will be updated when new information becomes available.

BitMEX has launched a spot crypto exchange following a $30M penalty. The new platform is designed for traders who want to trade on the go. Reference: does crypto trade 24/7.

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