The ETH trading features on BitMEX will be added from today, March 21, 2022.
Cryptocurrency exchange BitMEX has unveiled Ether (ETH) services. Among the supported services include buy, convert, deposit, and withdraw. According to the firm through a press release, 36 fiat currencies will be supported for ETH features. Additionally, users can convert the ETH coins to USDT.
ETH Support on BitMEX
The ETH trading features on BitMEX will be added from today, March 21, 2022.
“In the lead up to the launch of BitMEX Spot, we will be supporting a growing range of coins and tokens – so stay tuned. For further information, be sure to check out our blog here,” the firm noted.
Founded back in 2014, BitMEX has grown to an industry leader in cryptocurrency derivatives. Notably, the company launched its on-ramp services back in November. Over time, the company has made partnerships with payment companies including Visa Inc (NYSE: V), MasterCard Inc (NYSE: MA), and Apple Pay.
Nevertheless, the growth has not been without technical challenges. Among them was last year’s $100 million fine by the Financial Crimes Enforcement Network (FinCEN).
“BitMEX’s rapid growth into one of the largest futures commission merchants offering convertible virtual currency derivatives without a commensurate anti-money laundering program put the US financial system at meaningful risk,” FinCEN’s Deputy Director AnnaLou Tirol said. “It is critical that platforms build in financial integrity from the start so that financial innovation and opportunity are protected from vulnerabilities and exploitation.”
According to market analytics provided by CoinGecko, BitMEX is ranked position 13 by daily open interest. Notably, the company reported a daily open interest of $1.5 billion. Whereby the company has 38 and 20 perpetually and futures in its profile.
Key Notes
BitMEX is experiencing similar issues as other crypto firms in the industry, competition. As a growing global industry, many firms have popped up in the past few years. At times, the level of the firm’s development may not match the crypto adoption. Consequently, market dilution makes services cheaper thus not as profitable as years before. Nevertheless, the users get to enjoy affordable, fast, and secure crypto services.
In addition to the competition, most governments are looking into ways to regulate the crypto market. For instance, the Australian government led by Morrison has introduced badges to regulate crypto exchanges.
“The Morrison government wants to make sure that consumers can trust the exchanges that they use to buy crypto,” Minister for Digital Economy Jane Hume noted.
While governments step in to regulate the crypto market, analysts forecast a huge boom in the coming year. Moreover, more governments are looking into adopting Bitcoin and other crypto-assets as a form of payment, while others as legal tender.
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