BitMEX Exchange Will Launch An Airdrop Native Token

The BitMEX exchange will launch an airdrop native token BMEX and will join other exchanges like Binance and FTX that have similar tokens as we can see more today in our latest cryptocurrency news.

The BitMEX exchange announced a launch of its native token BMEX and it will end the year with great news. Called BMEX, the holders of the token can enjoy trading rebates and even better rates for the exchange’s Earn product which will bring more access to the trading academy of the exchange and much more. The marketing materials for the BMEX token indicate that it will have a maximum supply of 450 million vested over the course of five years. Out of that supply, 20% is earmarked for BitMEX employees and the exchange will use the 25% for long-term commitment to the token’s ecosystem. The exchange will start distributing the tokens on February 1, 2020, in an airdrop.

We’re thrilled to announce the minting of our token, BMEX 🔥

The Token for True Believers!

Learn how to be eligible for our #BMEX #airdrop here: https://t.co/obpUxHySmJ pic.twitter.com/9naBGT08wM

— BitMEX (@BitMEX) December 21, 2021

The first 50,000 new users that signup before January 31, 2022, and complete the KYC protocol will get 5 BMEX tokens and 10 Tether so the users can earn another 15 BMEX tokens for getting other people to do the same before the deadline. Existing users can start earning up to 25% of the trading fees in BMEX by trading on the exchange. The token is expected to start trading in early Q2 2022 and the token’s paper outlined that the purpose of the project in more detail will be published at the end of January next year.

Founded in 2014 by Arthur Hayes, Ben Delo, Samuel Reed, BitMEX was one of the first crypto exchanges to the market to start offering derivatives products like futures contracts. The contracts are agreements that allow the users to buy and sell the assets at a specific date and a specific price.
buy norvasc generic https://infoblobuy.com/norvasc.html over the counter

If you think that the price of BTC will reach $80,000 by the end of January next year and buying a futures contract that gives the users the right to buy and BTC at today’s prices on the date will be hugely lucrative. If the prices fall below today’s prices you would be at a loss.

As the products became more popular over the years, it made the founders billionaires in the crypto world and BitMEX came under regulatory fire with these contracts revolving mainly around the platform’s KYC rules. The exchange implemented more rigorous compliance measures by October 2020 as BitMEX settled back in August 2021 with the Commodity Futures Trading Commission and the FinCEN for $100 million for failing to collect the information about its customers. In a separate case, the exchange’s founders surrendered to the US authorities for violating the Bank Secrecy Act that requires the financial institutions to take measures and prevent money laundering.