Crypto Trading Platform Bitmex Reveals Exchange Token Called BMEX, Airdrop

The crypto trading platform Bitmex has announced the launch of its own native cryptocurrency called “BMEX,” following a slew of crypto platforms that have issued exchange tokens. According to the company, a user who registers and completes the KYC process will get five BMEX coins and ten tethers.

Bitmex to Airdrop BMEX Tokens to Registered and KYC-Processed Users

On Tuesday, the crypto exchange Bitmex announced the minting of its own token called BMEX. The digital currency exchange said on Twitter that the newly minted asset is a “token for true believers.” Bitmex is an exchange that was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. There are a few ways to get the BMEX token and one way is to register as a new user and complete the KYC process. People who do this will get five BMEX and ten tether (USDT) tokens.

Bitmex says that the company will airdrop coins to existing and new users by February 1, 2022. Users can also earn BMEX by trading on the exchange or referring at least three friends to register. Referrals will get a person 15 BMEX tokens if a person can get three people to register and complete Bitmex’s KYC process. According to the announcement, traders can save up to 25% trading by leveraging BMEX tokens.

Bitmex Late to the Exchange Token Party

Bitmex follows a long list of trading platforms like FTX, Binance, Coinflex, and others that have introduced exchange tokens. Bitmex details that BMEX will start trading in the second quarter of 2022 and the firm will also explain the coin’s tokenomics. After the announcement, a few people registered to get their rewards, but had issues. Bitmex then disclosed that there were “some intermittent delays in the creation of accounts and USDT deposit addresses.”

Another individual jokingly wrote that Bitmex was a few years late to the game when it comes to releasing exchange tokens. “4 years late but nice try,” the individual said in response to Bitmex’s BMEX announcement tweet. Another person wrote: “Do I get a token for each liquidation notice?”

Bitmex has had a few issues such as the founders being indicted on charges of violating the U.S. Bank Secrecy Act. Reed was arrested, Hayes turned himself in, and Delo also turned himself in to the authorities. When Hayes turned himself in he was released on bond and all three co-founders are due to appear for a trial scheduled for March 28, 2022, in New York.

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