The BitMEX CEO said that he would launch his BMEX exchange token at the end of this year.

BitMEX CEO Alexander Hoeptner announced the news in an interview at the Token2049 conference in Singapore.

BMEX, P2P crypto trading platform, it was initially planned to be released earlier. Still, BitMEX decided to postpone the launch of BMEX, considering the unsatisfactory market conditions at the time and hoped to allow BMEX to launch in an environment where holders could get the best opportunity for a return.

“While we are ready to list BMEX, current market conditions are not ideal, and we want to list the token in an environment that gives it the best opportunity to reward you, its holders,” the company said in a July announcement.

Alexander Höptner explained that the team would discuss whether there would be another “big drop” in the future before evaluating the specific trading time of the BMEX token.

Just like other exchange tokens, like BNB from the Binance exchange and FTT from the FTX exchange, the platform currency is the digital currency issued by the platform itself.

The platform coin has a more diversified value support than traditional assets like Bitcoin. There are many application scenarios based on the equity of the stock, such as its transaction and circulation value.

Therefore, BMEX coin holders will be entitled to discounts on BitMEX transaction fees and other benefits.

In May, the US Commodity Futures Trading Commission (CFTC) fined three BitMEX co-founders $10 million each for violating anti-money laundering (AML) requirements and received suspended sentences. The three companies failed to implement KYC processes for their US customers, which allowed their exchange to be an effective money laundering platform, processing up to $209 million in suspicious transactions, prosecutors said. Last August, BitMEX agreed to pay $100 million to settle years of civil charges for allowing illegal transactions and violating anti-money laundering regulations.

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