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BitMEX Launches Spot Crypto Trading Platform Ahead of $30 Mn Penalty

BitMEX, one of the world’s largest cryptocurrency trading platforms, launched in 2014, never had a spot trading platform unti

Global cryptocurrency trading exchange BitMEX is expanding its platform beyond crypto derivative trading by announcing the launch of its spot trading platform. The BitMEX Spot Trading Platform was made live on May 17 for retail and institutional traders, which will also allow users to grow in sophistication when trading with assets.

The launch of the BitMEX Spot Trading Platform represents a major part of BitMEX’s efforts to expand its product offering to cryptocurrency traders in Europe. As of now, the platform supports seven different cryptocurrencies, including Bitcoin (XBT), Polygon (MATIC), Chainlink (LINK), ApeCoin (APE), Ethereum (ETH), Axie infinity (AXS), and Uniswap (UNI), all against Tether (USDT).

Users can access the spot through coin conversion RFQs (request-for-quotes) by leveraging API trading and through central Limit Order Books. Moreover, they can also access the spot on the go with BitMEX Lite after the Spot application is launched over the next few weeks.

The launch comes as the company plans to become one of the top biggest spot platforms across the world. BitMEX decided to develop its own spot exchange given the high demand for cryptocurrencies from its existing user base and in response to changing market conditions.

Moreover, the company went ahead with the launch after it pulled data that indicated the majority of investors (60%) have experienced value growth of nearly 50%, with 60% of investors considering crypto as “a good approach to diversify investments.” According to a survey, almost 30% of Europeans invested between $1,000 and $10,000 in cryptocurrency derivatives and assets annually.

At present, BitMEX is one step closer to achieving its goal of offering a complete crypto ecosystem for users to purchase, sell, and trade their favorite cryptocurrency assets and derivatives.

Alexander Höpner, Chief Executive Officer (CEO) at BitMEX, said:

“When we launched our Beyond Derivatives Strategy last year, offering spot trading was the centerpiece of this goal. This is only the beginning and we are planning to deliver more features, trading pairs, and better approaches for our users to participate in the crypto revolution.”

“If you trade on BitMEX Spot right away, you’ll get a brand new interface and trading experience and enjoy benefits of up to $1,000,000 in crypto and prizes,” he added.

BitMEX was founded back in 2014, six years following the launch of Bitcoin, the world’s largest and most popular cryptocurrency. Unlike spot trading platforms, this company has been mainly focusing on offering derivatives, thereby allowing clients to purchase and sell perpetuals, futures, and options on a variety of cryptocurrency assets.

BitMEX’s Recent $30 Million Penalty Case

According to reports from CoinMarketCap, BitMEX is one of the top 30 largest cryptocurrency trading exchanges globally, with a current daily trading volume standing at $841 million. In 2020, the company was ranked one of the largest derivatives exchanges alongside Binance by Open Interest.

Not long ago, the company faced legal charges for violating the Bank Secrecy Act. The court eventually ordered BitMEX founders Arthur Hayes and Hong Konger Benjamin Delo a total of $30 million civil monetary penalties in March 2022.

In addition, BitMEX also fired around 75 employees — almost ¼th of the firm’s staff — in April 2022 after it failed to acquire the German Bank Bankhaus von der heyd.