BitMEX, a cryptocurrency exchange, intends to follow Binance’s lead and issue a token. The BMEX coin will be available for airdrop on January 2, 2022. The total amount of emissions will be 450 million.
Existing and new clients of the exchange will benefit from the introduction of tokens. Users will be offered preferred prices for trading on the BitMEX spot market and other exchange products, allowing them to pay less commission. Traders will also receive a 25% refund on the amount of commission paid in BMEX tokens.
The internal token will also have a significant impact on the exchange. It will be used to reward the BitMex community and expand the ecosystem. Another 20% will be set aside for exchange students, with the remaining 25% being held on a long-term basis.
Due to strained relations with US regulators, the usage of BMEX will be forbidden for US residents. This is due to allegations that the exchange violated KYC standards, as well as a lawsuit filed against BitMEX in 2020.