BitMEX launches spot crypto exchange following $30M penalty

BitMEX, a global crypto derivatives exchange, has launched a spot cryptocurrency trading platform.

BitMEX announced that the BitMEX Spot Exchange is now live on May 17, allowing institutional and retail investors to trade, buy, and sell cryptocurrencies such as Bitcoin (BTC), and Ether (ETH) respectively.

The exchange launched with seven pairs of cryptocurrencies: BTC, ETH and Chainlink (LINK), Uniswap(UNI), Polygon [MATIC], Axie Infinity/AXS), ApeCoin/APE, all trading against Tether stablecoins (USDT).

As the company seeks to be one of the largest spot exchanges worldwide, BitMEX Spot Exchange was launched. According to the announcement, the company built its own spot exchange last summer in response to growing demand for crypto trading from its existing user base.

BitMEX is now one step closer to offering our users a complete crypto ecosystem that allows them to trade, buy and sell their digital assets. Alexander Hopner, BitMEX CEO, stated that they will continue to improve the services, trading pairs and ways our clients can participate in the crypto revolution.

BitMEX was founded in 2014. It is one of the oldest and largest crypto trading companies in the world. BitMEX began offering its services six years after Bitcoin launched. BitMEX is a derivatives trading platform that allows users to trade futures, options, and perpetuals on a variety of crypto assets.

According to CoinMarketCap data, BitMEX is currently one of the 30 largest derivatives crypto trading platforms. Its daily trading volume amounts to $841 million. BitMEX was ranked as the second-largest derivatives platform by open interest, alongside Binance in 2020.

BitMEX has been facing legal problems recently. In February 2022, Arthur Hayes and Benjamin Delo from Hong Kong pleaded guilty to violating Bank Secrecy Law. In March, the court ordered $30 million in civil and monetary penalties for the three BitMEX co-founders.

Related: The Brazilian Stock Exchange launches Bitcoin futures and Bitcoin futures

In April, the firm reportedly laid off 75 employees (or a quarter) of its staff following the failed acquisition of Bankhaus von der Heyd in Germany.

Cointelegraph reached out to BitMEX for comment but they did not respond immediately. As soon as new information becomes available, this article will be updated.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami