BitMEX officially launches Spot market after a series of legal troubles The Ecoinomic

BitMEX – One of the world's oldest cryptocurrency exchanges has officially owned its own Spot market.

BitMEX officially launches Spot market after a series of legal troubles

On May 17, BitMEX announced that the exchange's spot market was officially operational. At this stage, BitMEX will support the seven most popular coins available today such as Bitcoin (BTC), Chainlink (LINK), Ethereum (ETH), Polygon (MATIC), Uniswap (UNI), ApeCoin (APE) and Axie Infinity (AXS), all of which pair transactions with stablecoin Tether (USDT).

BitMEX officially announced on May 17 that the exchange's spot market is now operational.

BitMEX's Spot market launch comes just as the company plans to become one of the world's ten largest spot exchanges. Last year, the company built this ambition in order to meet the growing demand for transactions from its current user base. The most obvious move of BMEX must include the exchange's sudden issuance of its own token. BitMEX CEO Alexander Höpner said,

"Right now, BitMEX is taking it one step further in giving users a full cryptocurrency ecosystem to buy, sell and trade their favorite assets. We're not going to take a break because the crypto revolution is just getting started."

Founded in 2014, BitMEX has become one of the largest and oldest cryptocurrency exchanges in the world. About six years after Bitcoin launched, the exchange began offering its services but focused primarily on derivatives. Unlike other spot exchanges, BitMEX allows users to buy and sell futures, options and permanent contracts.

BitMEX has recently faced a number of legal issues, after being indicted by the Asset Futures Trading Commission (CFTC) in 2020, former CEO Arthur Hayes and associate co-founder Benjamin Delo pleaded guilty in a U.S. court to violating the Bank Secrecy Act (BSA) in February 2022. Not only that, in August 2021, BitMEX had to pay a fine of up to $ 100 million in order to calm the tensions of the CFTC and FinCEN.

Legal uncertainties have also caused BitMEX's position to change somewhat in the general market. But at the moment BitMEX is still in the top 30 largest derivatives trading platforms with a trading volume of up to $ 841 million per day.