BitMEX to launch its own BMEX token

The BitMEX cryptocurrency derivatives exchange announced the launch of its own token, BMEX, and unveiled an airdrop.

Existing and prospective traders on the platform can earn the asset as a discount on trading fees. BMEX will also reward new users with tokens for registering and completing KYC procedures. 

Another way to obtain tokens is through the referral program.

The exchange will credit BMEX to users and, on 1 February 2022, will conduct the first airdrop, distributing the coins to their accounts.

Owners of the asset will receive a number of benefits, including:

• higher yields on BitMEX Earn deposits;
• early access on favorable terms to new products;
• free access to BitMEX Academy educational courses.

Total BMEX issuance will be 450 million coins. It is expected that the majority of tokens will be spent on rewarding users and developing the ecosystem. To this end, the exchange will reserve 45% of the issuance.

Trading and withdrawal of BMEX is expected to be available around the start of the second quarter of 2022, when BitMEX’s spot trading platform launches.

Quarterly the exchange plans to buy back and burn a portion of the tokens.

Earlier, BitMEX settled civil claims with the CFTC and the FinCEN, agreeing to pay a $100 million fine.

Criminal charges against founders Arthur Hayes, Ben Delo, Samuel Reed and former head of development Greg Dwyer remain in force — the court scheduled a preliminary hearing for March 2022.