Another news topic from crypto sector was brought by the RoboticsOnline (reviewed here) platform. There is absolutely nothing related to hyip industry here, but i hope some information can be found interesting by some of you.
Here’s it it:
BitMEX unveils spot crypto exchange amid $30M penalty
- BitMEX has launched a spot trading platform
- The platform will allow users to buy and sell cryptocurrencies at spot prices
- BitMEX recently paid a $30M penalty for violating the Bank Secrecy Act
BitMEX, a leading cryptocurrency derivatives exchange, has announced moving from exclusively offering derivatives into the spot market. The BitMEX Spot Exchange has already gone live, and it will allow the company to target a large clientele base and increase its revenue stream.
BitMEX opens spot trading platform
BitMEX announced the launch of its spot trading platform on May 17. The exchange is already live, and it is open to retail and institutional investors. The BitMEX Spot Exchange will allow users to buy and sell cryptocurrencies at ongoing market prices.
The platform already supports some of the leading cryptocurrencies. At the time the exchange went live, it supported seven cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE). These tokens have been paired against the Tether (USDT) stablecoin.
The company is hopeful that the launch of this spot exchange platform will open doors towards it becoming one of the largest spot exchange platforms globally. This is not the first time BitMEX has decided to launch a spot exchange. According to the announcement, the company had planned to unveil this pot trading platform last year following an increased demand for spot trading services from its users.
The CEO of BitMEX, Alexander Hopner, commented on the development, saying, “Today, BitMEX is one step closer to providing our users with a full crypto ecosystem to buy, sell and trade their favourite digital assets. We will not rest as we aim to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution.”
BitMEX is one of the oldest cryptocurrency trading platforms. The company was launched in 2014, and it started allowing users to buy and sell cryptocurrencies six years after Bitcoin was created.
Unlike many exchanges in the space, BitMEX’s focus has largely been on derivatives trading, where traders buy and sell derivatives contracts, including futures, options and perpetuals. The contracts are supported for a vast range of cryptocurrency assets.
BitMEX is currently one of the largest derivatives crypto trading platforms among the top ten. The daily trading volumes for the exchange currently stand at $841 million, according to data by CoinMarketCap. BitMEX is also ranked as one of the largest derivatives trading platforms in open interest. Its major competitor in crypto derivatives trading is Binance.
The BitMEX exchange has faced a series of legal hurdles over the years. The founders of this exchange were charged with failure to comply with the Bank Secrecy Act earlier this year. Following these charges, the court required that the three co-founders pay a penalty of $30 million in March.
In April, it was reported that BitMEX was cutting down on its staff. Around 75 employees from the company were laid off last month after the exchange failed to acquire Bankhaus von der Heyd. However, the launch of this spot trading platform could allow the exchange to expand its operations significantly.
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