BitMEX launches place crypto exchange following $30M penalty

Global crypto derivatives exchange BitMEX is expanding its platform beyond just derivatives by finally launching a place crypto buying and selling platform.

BitMEX formally announced on May 17 that it is place crypto exchange, the BitMEX Place Exchange, has become live, allowing retail and institutional investors to purchase, sell and trade cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

At launch, the exchange supports seven pairs of cryptocurrencies, including BTC, ETH, Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE), all buying and selling from the Tether stablecoin (USDT).

The launch from the BitMEX Place Exchange may come as the organization intends to become among the top largest place exchanges on the planet. The organization made the decision to construct its very own place exchange this past year as a result of the growing crypto buying and selling demand from the current users list, based on the announcement.

“Today, BitMEX is a step nearer to supplying our users having a full crypto ecosystem to purchase, sell, and trade their favourite digital assets. We won’t rest once we try to deliver more features, more buying and selling pairs, and much more methods for our clients to get familiar with the crypto revolution,” BitMEX Chief executive officer Alexander Höpner stated.

Founded in 2014, BitMEX is among the world’s largest and earliest crypto buying and selling companies, beginning supplying its services about six years after Bitcoin premiered. Unlike place exchanges, BitMEX continues to be mainly focusing derivatives, allowing users to purchase and sell contracts like futures, options and perpetuals on an array of crypto assets.

During the time of writing, BitMEX is among the top 30 greatest derivatives crypto buying and selling platforms, with daily buying and selling volume amounting to $841 million, based on data from CoinMarketCap. BitMEX was rated among the greatest derivatives platforms by open interest alongside Binance by 2020.

BitMEX has faced some legalities lately, with founders Arthur Hayes and Hong Konger Benjamin Delo pleading guilty to violating the financial institution Secrecy Act in Feb 2022. A legal court eventually purchased as many as $$ 30 million civil financial penalties in the three co-founders of BitMEX crypto derivatives exchange in March.

Related: The Brazilian Stock Market will launch Bitcoin and Ethereum futures

The firm also apparently let go about 75 employees — or perhaps a quarter from the company’s staff — in April, carrying out a unsuccessful acquisition from the German bank Bankhaus von der Heyd.

BitMEX didn’t immediately react to Cointelegraph’s request comment. This information will be updated pending new information.

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