The BitMEX cryptocurrency exchange now supports Ether after adding Bitcoin and Tether in November
Cryptocurrency exchange BitMEX added support for Ethereum, the second largest cryptocurrency.
Users are now able to buy and convert Ether on top of Bitcoin, the largest cryptocurrency, and Tether (USDT).
BitMEX launched its on-ramp fiat service in November. It supports payment methods such as Visa and Mastercard, credit/debit cards as well as Apple Pay.
The trading platform supports a wide range of fiat currencies, including the euro and the British pound.
BitMEX says it has “worked hard” to add more coins.
The crypto exchange, which ruled the roost during the 2018 bear market, has had a spectacular fall from grace after its founders were charged with failing to prevent money laundering by the U.S. government. The Commodity Futures Trading Commission concluded that it had broken the rules by allowing U.S. customers to trade cryptocurrencies.
Since then, cryptocurrency has begun to prioritize strict regulatory compliance by implementing measures such as mandatory know-your-customer (KYC) support. This, of course, has weighed on the popularity of the once-dominant derivatives exchange.
In August, BitMEX shelled out $100 million to settle with the CFTC.
In late February, former BitMEX CEO Arthur Hayes and co-founder Benjamin Delo pleaded guilty to one count of violating the US Bank Secrecy Act (BSA), meaning they could potentially face up to five years behind bars. They both agreed to pay a $10 million fine. Previously, they had said they would fight the allegations put forward by the US government.
According to an exclusive press release shared by BitMEX, Tether (USDT) is expected to go live on the crypto exchange on November 10 at 04:00 UTC. With this, traders can now officially start margin trading and settle with Tether issued on the Ethereum network i.e. ERC20-USDT on BitMEX.
Diversification of BitMEX offerings
Extreme price volatility during market downturns and sporadic rallies are part of the ever-growing crypto landscape. Therefore, market participants are increasingly using stablecoins as collateral to trade futures contracts. BitMEX’s latest move to bring USDT margin contracts comes at a time of high demand, as different types of investors seek participation.
Out of a total of nine USDT margin products, seven are perpetual linear swaps on XBT, ETH, XRP, LTC, BCH, DOGE and SOL, while the other two are linear futures on XBT and ETH.
BitMEX is also improving its game by offering incentives to its traders. They will be able to trade for free until December 9, which means that for the next 30 days there will be no fees on Tether margin contracts. The derivatives exchange also revealed that it will transfer some USDT for affiliate purposes.
