As regulatory pressure from the US continues, the crypto exchange platform is reporting with an internal token.
The cryptocurrency exchange platform BitMex came back from the regulatory firing line in the US with a different kind of news. Consequently, the exchange plans to launch its own token (BMEX). The airdrop is scheduled for February 1, 2022.
New and existing customers should benefit from the token. BMEX holders are expected to pay lower transaction costs. “Token holders will soon be able to enjoy preferential pricing on our Fiat On-Ramp and upcoming BitMEX spot exchange,” the company wrote on its website. Additionally, traders could recoup up to 25 percent of the trading fee in the form of BMEX.
The BitMex team should also benefit from the internal token. “Most of 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 a good time with the US authorities. “American persons and sanctioned persons cannot transact with the BMEX token,” it says on the website.
This is likely due to the lawsuit filed by the US Commodity Futures Trading Commission (CFTC) in 2020. At the time, the authority accused BitMEX of operating an unlicensed trading platform, as well as of violating anti-money laundering regulations and know your customer. The consequence has been proven in the form of a lawsuit by the CFTC in the New York District Court.
Authorities had also filed criminal charges against BitMEX founders Arthur Hayes, Ben Delo, and Samuel Reed. Alexander Höptner, former director of the Stuttgart Stock Exchange (BSDEX), is now CEO of the cryptocurrency exchange.