BitMEX cryptocurrency exchange plans to issue 450 million BMEX tokens in February 2022. Token holders will receive discounts on trading operations and increased profitability from exchange products.
BitMEX reported, which will distribute 20% of tokens among employees, 25% will be used to maintain the BMEX ecosystem, and the rest of the assets will be received by users as a reward. New clients of the trading platform will also be able to participate in the free token giveaway, subject to registration in accordance with the updated BitMEX policy.
The cost of the token is still unknown – the price will be determined by the market after the launch of spot trading at the beginning of the second quarter of 2022. In this case, users will not be able to withdraw tokens before the start of trading.
BitMEX positions BMEX as a token designed to “reward users and interact with the exchange ecosystem.” BMEX holders will receive discounts on trading commissions and increased profitability from platform products. The company believes the digital asset will enhance the users’ trading experience.
Probably, the initiative to issue its own token is aimed at attracting new users instead of those that the exchange lost during the conflict with regulators. In 2020, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against BitMEX and its owners, accusing them of illegally doing business in the US and violating KYC and AML rules.
In August 2021, the exchange paid out $ 100 million to settle claims by the CFTC and the US Financial Crimes Enforcement Network (FinCEN). To improve its relationship with regulators and attract more customers, BitMEX officially announced its carbon neutral status in November and purchased 7,110 carbon credits worth about $ 100,000.
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