Derivatives and spot crypto trading platform BitMEX has deferred the launch of its native coin, BMEX, because of the current bearish market trends. Now, the company will not list the token on BitMEX Spot Exchange, it said in a PR on Tuesday.
In May 2022, BitMEX, one of the world’s oldest crypto trading platforms, launched its spot exchange – Spot BitMEX Exchange. Targeting retail and institutional investors, the company said it was eyeing becoming one of the top 10 spot crypto exchanges globally.
Market Condition Not Ideal
Noting that bear markets are not easy to navigate and the company has withered such market conditions in the past, BitMex said it looks forward to listing BMEX on its spot exchange soon as it remains a “top priority.”
“Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders. For such an important launch, timing is just as important as any other factor,” BitMEX said in its PR.
The exchange added that millions of BMEX coins were airdropped to existing and new users in the past few months for trading, and the response has been encouraging. Traders are staking BMEX and benefiting from its core utilities such as fee discounts and withdrawal refunds, it said.
The company is still airdropping BMEX traders and new joiners.
BitMEX Co-Founders in Hot Soup
BitMEX was in the news recently for the sentencing of its co-founders Arthur Hayes and Benjamin Delo in May 2022. While Hayes got 6-month home confinement out of a total of 2 years of probation, Delo’s probation extends to 30 months. The sentencing of the third co-founder, Samuel Reed, is due later this month.
All three had pleaded guilty to “operating a digital asset trading venue without implementing adequate anti-money laundering rules.” BitMEX was also fined $100 million in this case.