BitMEX launches spot crypto exchange following $30M penalty

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).

The exchange launched with seven pairs of cryptocurrencies: BTC, ETH and Chainlink (LINK), Uniswap(UNI), Polygon [MATIC], Axie Infinity/AXS), ApeCoins (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. BitMEX began offering its services six years after Bitcoin launched. BitMEX is not like spot exchanges. Instead, it focuses on derivatives. Users can buy and sell 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. It has a daily trading volume of $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, founders Arthur Hayes of Hong Kong and Benjamin Delo of Hong Kong pleaded guilty to violating Bank Secrecy Law. In March, the court ordered $30 million in civil monetary penalties for 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.

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