BitMEX Launches BMEX Exchange Token

Crypto derivatives exchange BitMEX is launching its own exchange token, BMEX, which will be airdropped to both new and existing users in early 2022, the company said in a blog post on 21 December.

According to the announcement, starting Tuesday new and existing BitMEX users can start earning the new BMEX token, which will be airdropped to their exchange wallets by 1 February 2022. The token will have a maximum supply of 450 million tokens — that will be minted at the same time, and vested over a 5 years period — 20% of which will be reserved for employees and another 25% for “long-term commitment to the token and ecosystem”. The CEO of BitMEX, Alexander Hoeptner, wrote in a blog post:

“As we transform BitMEX into a full crypto exchange ecosystem, the launch of BMEX marks a rebirth. The BitMEX user experience will never be the same, and the products and services we offer will continuously expand and grow as we do.”

BMEX will behave similarly to other exchange tokens, such as Binance’s BNB and FTX’s FTT, and offer its users trading fee discounts and better rates on BitMEX’s fiat on-ramp and upcoming spot exchange. While the tokens will be airdropped by early February, they will not be withdrawable until the BitMEX Spot exchange is launched, which is expected to happen in Q2 2022. The token will not be tradable by, or offered to people from restricted jurisdictions like the U.S..

The first 50,000 new users that have completed the KYC procedure can now register to receive 5 BMEX and 10 USDT tokens. Existing users, on the other hand, will earn up to 25% of the monthly trading fee in BMEX token in a 1:1 ratio, which is capped at 50,000 tokens per month. The exchange also offers a referral program that allow users to earn 15 BMEX tokens on the first three friends that sign up and complete the KYC.