BitMEX, one of the largest crypto trading platforms globally, has announced the introduction of the BitMEX Spot Exchange for institutional and retail traders as part of its ongoing product expansion.
“These cryptocurrencies are matched against USDT (ERC-20) and include popular portfolio mainstays like XBT (BTC) and ETH, emerging stars like APE and AXS, and DeFi performances like UNI and SUSHI,” the company stated.
According to BitMEX, other cryptos and trading pairs, including BMEX tokens, are in the works and will be introduced to the spot exchange in the coming months.
The BitMEX Spot Exchange was launched to become one of the top 10 largest spot exchanges globally. According to the announcement, the business launched its spot exchange last year due to increased crypto trading demand from its current user base.
“Today, BitMEX takes another step toward providing our users with a complete crypto environment to purchase, sell, and trade their preferred digital assets. BitMEX CEO Alexander Höpner stated, “We will not rest as we aspire to give our clients more features, more trading pairs, and more methods to participate in the crypto revolution.”
What will BitMEX Spot allow?
BitMEX Spot will eventually allow users to trade crypto-to-crypto trading pairings and fiat currency and crypto-assets. While BitMEX continues to diversify its derivatives products, Spot’s inclusion helps the firm attract new customers who are drawn to the platform’s whole ecosystem.
BitMEX’s $30M Fine
In accordance with CFTC charges that they unlawfully did business with US consumers, the platform’s founders — Arthur Hayes, Benjamin Delo, and Samuel Reed – were each ordered to pay a $10 million fine to the US District Court for New York’s Southern District. According to the CFTC, they are still expecting punishment related to that plea “in the coming weeks.”
