BitMEX Launches Spot Market After $30 Million Fine

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2022-05-21 15:06:29

Finally, in addition to crypto derivatives trading products, BitMEX has expanded to allow Spot Market transactions.

Spot Market has been added to its platform by BitMEX

On May 17, BitMEX officially announced the launch BitMEX Spot Exchange.

Founded in 2014, BitMEX is one of the oldest cryptocurrency exchanges in the world. However, the feature of spot cryptocurrency trading (Spot Market) has only been added so far.

Institutional and retail investors can now buy, sell or trade cryptocurrencies, like Bitcoin (BTC) or Ether (ETH).

BitMEX Spot Exchange will support 7 cryptocurrency pairs, including:

  • ETH / USDT
  • LINK/USDT (Chainlink and Tether stablecoins)
  • UNI/USDT (Uniswap and Tether stablecoins)
  • MATIC / USDT (Polygon and Tether stablecoins
  • AXS/USDT (Axie Infinity and Tether stablecoin)
  • APE/USDT (ApeCoin and Tether stablecoin).

The plan to launch BitMEX Spot Exchange is one of the company’s ambitions to become one of the top 10 major exchanges in the world. In fact, the intention to build a Spot Market was announced by BitMEX last year, in response to the growing demand for cryptocurrency trading from its existing user base.

“Today, BitMEX has gone one step further in its goal of providing users with a comprehensive cryptocurrency ecosystem for buying, selling, and trading their digital assets. We won’t rest as we look forward to delivering more features, more trading pairs, and more ways for our customers to participate in the crypto revolution,” – CEO BitMEX Alexander Höpner said.

Currently, BitMEX is on the list of the 30 largest cryptocurrency derivatives trading platforms globally. According to data from CoinMarketCapeach day the volume on this exchange is up to 841 million USD.

In 2020, BitMEX was also named as one of the largest derivatives platforms by open interest, next to Binance.

Even so, BitMEX has faced a number of legal charges. Earlier this year (February 2022), the founders of BitMEX pleaded guilty to violating the Bank Secrecy Act, including: Arthur Hayes and Hong Konger Benjamin Delo. As a result, the three BitMEX co-founders were fined a total of $30 million by the court in March.

Later, the company also announced the layoff of about 75 employees (accounting for 25% of the staff) – in April, right after the failed acquisition of the German bank Bankhaus von der Heyd.

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