Crypto exchange BitMEX is getting ready to launch and airdrop its brand new utility token to millions of users, according to the latest reports.
On Twitter, the exchange shared the following post:
We’re thrilled to announce the minting of our token, BMEX 🔥
The Token for True Believers!
— BitMEX (@BitMEX) December 21, 2021
It’s been also revealed that the airdrop will start on February 1 of 2022, and it will see both new and existing users receive BMEX.
According to a blog post from BitMEX CEO Alexander Höptner, users will be able to participate in the airdrop either through trading incentives on the exchange, signing up with a new account (for the first 50,000 users), or referring three friends.
After it is airdropped, BMEX will be tradable once the new BitMEX Spot Exchange goes live in early Q2, 2022.
BitMEX said that there will be a hard cap supply of 450,000,000 BMEX. This will be distributed over the course of five years.
“The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem.”
BitMEX in the news
The crypto exchange made headlines back in October as well.
Back then, it’s been revealed that large and small BitMEX traders are withdrawing BTC from the exchange rapidly upon news of the trading platform’s legal embroilments.
Just in case you don’t know, during the course of last week, U.S. Commodity Futures Trading Commission (CFTC) announced that “it is charging five BitMEX operating entities and the crypto trading platform’s three founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, with violating multiple CFTC regulations.”
More than that, it’s been revealed that the U.S. Department of Justice has also charged the three founders and its head of business development, Gregory Dwyer, with violation of the Bank Secrecy Act.
Check out the available notes in our previous article.