Crypto exchange BitMEX intends to launch its own token, the platform has reported via Twitter. According to the announcement, the exchange plans to airdrop BMEX tokens by February 1, 2022. All users who register and complete the KYC process on the exchange will be able to get 5 BMEX + 10 USDT.
The exchange will give away 15 more BMEX tokens for inviting three users, who must also verify their identity. The platform will also give away an as yet undetermined amount of tokens for trading. BitMEX plans to send out token documentation in January 2022.
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BMEX's maximum offering will be 450 million tokens and the issuance period will be up to 5 years. The exchange claims the vast majority of BMEX will be spent on rewarding users and developing the BitMEX ecosystem. A 20% allocation is reserved for BitMEX employees and another 25% for "long-term commitment to the token and ecosystem."
In fact, the token looks like any other asset such as Binance Coin (BNB), Huobi Token (HT), etc. For example, owners of the BMEX token will receive discounted trading fees, as well as higher returns on Earn products. However, the exchange has not provided specific figures. It must be noted that it will not be possible to withdraw BMEX from the platform before the second quarter of 2022.
In October 2020, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against BMEX and its owners, including its co-founder and CEO Arthur Hayes, for operating an unregistered trading platform and violating the CFTC's KYC and AML rules.
In addition, the US Department of Justice has also charged Hayes, Delo, Reed and BitMEX's head of business development, Greg Dwyer, with violating bank secrecy laws.