Crypto futures and spot exchange BitMEX plans to launch its exchange token BMEX by the end of the year. In an interview with CoinDesk at the Token2049 conference in Singapore, BitMEX CEO Alexander Heptner said,
“If you issue tokens in a market that is not at the bottom, the tokens will be depleted in the general environment…While we are ready to list BMEX, current market conditions are not ideal, and we are looking to list the token in an environment that offers the best chance of rewarding you”.
Similar to other exchange tokens such as BNB and FTT, token holders can receive trading fee discounts and other benefits.
Exact Date for the Launch of BMEX
Heptner explained that the exact start date would depend on whether the exchange’s team believes there is no another massive drop on the horizon. The attention concentrates on the falling price of the token. It neglects new features such as registrations in Italy and Switzerland.
Heptner’s comments come after the exchange announced in July that,
“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.”
The cryptocurrency market has lost 65% of its value since November 2021. Cryptocurrency market capitalization is below $1 trillion after it reached $3 trillion a year ago.
Heptner suggests the launch of the BMEX token just before the plunge will make investors focus on the token’s falling price rather than the exchange’s new features or other achievements, such as registrations in Italy and Switzerland.
After BitMex, Will CFTC Go After More Crypto Exchanges
Aside from BitMEX, the U.S. Commodity Futures Trading Commission (CFTC) is going after cryptocurrency exchanges, blockchain company executives, or DeFi projects on its crackdown radar.
CFTC has gone after cryptocurrency exchange BitMEX and several of its senior executives for operating in the unregistered trading platform. CFTC says the platform does not allow for Knowing Your Customer and Anti-Money Laundering (KYC/AML). Despite criminal charges, Mr. Hayes, a Hong Kong resident, remains out of reach of U.S. authorities due to a pending extradition agreement.
The Freedom of Information Act sent a request to the CFTC. News from April reveals that the agency is investigating Arthur Hayes and BitMEX’s parent company. The CFTC will not disclose further details or subpoenas under Exception 7a for enforcement matters. His second FOIA request from Forcast. News, last month on major cryptocurrency exchanges and several DeFi projects were returned with no documentation response from the CFTC.
Perry told Forcast.News,
“The CFTC’s view of ever-expanding jurisdiction is likely to be challenged, particularly for offshore exchanges.”
This is dangerous territory for the CFTC. Perry notes that the campaign against DeFi platforms could result in transparent and clear enforcement-driven regulation for all participants instead of a defined regulatory framework.