Derivatives and spot crypto trading platform BitMEX has delayed listing its Ethereum-based BMEX token on its BitMEX Spot Exchange because of market conditions, the company said in a statement Tuesday.
“We have decided to postpone listing the BMEX token on our spot exchange,” it said.
In May 2022, BitMEX, one of the world’s oldest crypto trading platforms, launched its spot exchange – Spot BitMEX Exchange. Targeting retail and institutional investors, the company said it was eyeing becoming one of the top 10 spot crypto exchanges globally.
Bearish Market Trend hindering BitMEX
Crypto markets have threaded so low in the past few months amid systemic risks from within the crypto sector and concerns of inflation in the global economy. Bitcoin (BTC), the largest cryptocurrency by market value, has dropped by more than 70% from its lifetime high, and total market capitalization has fallen more than 55% from its mid-November peak.
BitMEX airdropped 1.5 million BMEX, its first native token, to users earlier this year as it looked to revive retail interest in an increasingly competitive crypto exchange market. The tokens were distributed based on a user’s activity on the exchange, as reported.
Noting that bear markets are not easy to navigate, and the company has withered such market conditions in the past, BitMex said it looks forward to listing BMEX on its spot exchange soon as it remains a “top priority.”
“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 in its PR.
In Tuesday’s post, BitMEX said it had sent “millions of tokens to hundreds and thousands of users” and that the tokens are already being staked to receive fee discounts, withdrawal refunds, and other perks.
BitMEX said it is continuing to airdrop the token to its traders and new users. “More time to accrue; more BMEX for our users to earn,” the exchange said. Altghough, some users, however, expressed their dismay regarding the decision on Twitter.
