BitMEX Sets to Launch its Own Token, BMEX

Fazzaco learned that BitMEX, one of the major cryptocurrency derivatives exchanges, is going to launch its own token, BMEX, and will airdrop to both its existing and new users.

According to the crypto exchange, the soon-to-be launched BMEX token is expected to be airdropped by February 1, 2022, in its customers' exchange wallets. 

The first 50,000 new users with completed KYC can register to get 5 BMEX tokens and 10 Tether (USDT) stablecoins. Existing traders will get BMEX tokens as they trade. Specifically, they can earn up to 25% of the monthly trading fee in BMEX token in a 1:1 ratio, capped at 50,000 BMEX per month per user.

Additionally, BitMEX also revealed a referral program for users who can refer three friends to sign up and complete KYC, which will give the referrer 15 BMEX tokens.

BMEX tokens will have a maximum supply of 450 million units. They will be minted at once and vested over a period of up to 5 years. 

No token to US residents

Notably, BMEX token is not available to users based in the U.S. and other restricted jurisdictions. Let's recall that, in October 2020, the CFTC charged BitMEX entities and their three individual founders with unlawfully accepting orders and funds from U.S. customers to trade cryptocurrencies and failing to implement KYC and AML procedures. in August this year, BitMEX has agreed to pay $100 million​ to settle with both the CFTC and Financial Crimes Enforcement Network (FinCEN).

​This new token is in response to the high demand for cryptocurrency trading, which is bound to expand its presence in the crypto market. 

As Fazzaco reported in September, BitMEX has announced the appointment of Fernando Luis Vazquez Cao​ as a Non-Executive Director with immediate effect.