BitMEX increases operations by launching a spot exchange platform

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Seychelles-based cryptocurrency exchange today unveiled its spot trading platform BitMEX founding trio recently fined 30 millions of dollars for doing business illegally in the United States The exchange BitMEX now allows traders to buy and sell crypto assets offered on its newly launched spot trading platform. Before today, the platform did not support spot cryptocurrency trading despite being founded more than six years ago and having spread to over 100 countries. “Today BitMEX takes a step forward in providing users with a complete crypto ecosystem to buy, sell and trade their digital assets favorite ”, said CEO Alexander Höpner. “We won’t stop as we aim to provide more features, more trading pairs and more ways for our clients to take part in the cryptocurrency revolution.” Seven crypto products are traded on the platform The spot exchange, which is already active, supports both market and limit orders. The currently supported cryptocurrency pairs are Bitcoin (XBT), Uniswap (UNI), Polygon (MATIC), Chainlink (LINK), Ethereum (ETH), Apecoin (APE) and Axie Infinity (AXS), all of which are paired with Tether (USDT) . BitMEX confirmed in the announcement post that more cryptocurrencies and other trading pairs are on the way. To attract more users to the platform, the spot exchange has resorted to giveaways and offers for existing and potential traders who want to try the platform. For users to get access to exchange pairs will have to purchase Tether through fiat gateway partners. These partners include Banxa, which supports fast and secure fiat-to-crypto purchases. Payments can be made via Visa and Mastercard credit / debit cards, Google Pay or Apple Pay. Founders involved in legal issues BitMEX’s diversification from derivatives comes at a time when its founding members are facing legal problems. In February, Arthur Hayes and his partner Benjamin Delo pleaded guilty to violating the Bank Secrecy Act in a case filed by the Department of Justice. All ‘ Earlier this month, in another case, the United States District Court for the Southern District of New York gave a fine of 30 million dollars ( 10 million each) to the duo and third co-founder, Samuel Reed. The court found that the trio violated the regulations of the Commodity Futures Trading Commission (CFTC) and the Commodity Exchange Act between 2014, the year in which the exchange started operations, and October 2020. “The lawsuit accused the entities and their founders of running the BitMEX platform while conducting significant aspects of the BitMEX business from the United States. They are also accused of illegally accepting orders and funds from US clients to trade cryptocurrencies ”, wrote the CFTC in the press release announcing the civil penalty.