BitMEX Delays BMEX Token Listing Due to Bear Market

Mainstream cryptocurrency derivatives exchange BitMEX today announced that it has postponed the launch of its native token, BMEX on spot exchange. The exchange stated that the decision was due to the intensified crypto winter. 

BitMEX Delays BMEX Listing

“We have made the decision to postpone the listing of the BMEX Token on our spot exchange. Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders. For such an important launch, timing is just as important as any other factor,” BitMEX said.

BitMEX announced the launch of BMEX last year, and in February, the exchange airdropped over 1.5 million BMEX to its users.

The company noted in today’s announcement that BMEX has seen tremendous “grassroots support” and that it has distributed millions of the tokens to hundreds and thousands of users over the past several months. The company added that users are already staking the token to receive fee discounts, withdrawal refunds, and other benefits. 

BitMEX said, for the time being, it is still airdropping BMEX to traders and new joiners.

“As we look to the future, listing BMEX on our spot exchange remains our top priority and we hope to celebrate this milestone with you soon,” the exchange concluded.

Crypto Firms Struggle Amid Bear Market

In recent months, the crypto market has been witnessing a major downturn, with the market cap of all crypto assets dropping by 65% from ATH. The unfavorable market condition has led to crypto firms taking drastic measures such as reducing their workforce to survive the storm. 

In June, popular crypto exchange Coinbase laid off 18% of its workers. At the same time, BlockFi reduced 20% of its employees. Other exchanges including CryptoCom, Robinhood, and Gemini reduced a significant part of their workforce. 

Crypto lending platforms including Celsius Network, Babel Finance, CoinFlEX, and Voyager have all suspended trading and withdrawals on their platforms due to the market crisis.