The cryptocurrency derivatives exchange announced that BitMEX plans to add spot, brokerage, storage, academy, and information services to its products on the premise of compliance with regulations. The Block reported this on the 22nd (local time).
Through a blog post, BitMEX announced that it would expand its business by adding in-kind, brokerage, storage, and information services to its product offering. This announcement came out after the exchange distributed a KYC user verification program to all users on its platform.
The exchange suffered a leadership change last year after several executives, including Arthur Hayes (former CEO), were charged with violating bank secrecy laws.
Under the leadership of the European Stock Exchange’s veteran CEO Alexander Hoptner, it has spurred user verification and is now jumping into this new business. In an interview with Theblock, Hoptner did not provide a specific timeline for the new product offering, but said the goal was “to become the largest regulated cryptocurrency derivatives exchange.” According to the blog post, these new businesses could come “over the next few months and years.” Hoptner said the company will “expand its derivatives business and launch new products including options.”
In a sense, it is following the precedent of an American cryptocurrency exchange. Coinbase, for example, offers products across storage (custody), brokerage, and in-kind. Another US exchange, Gemini, offers payment, storage and retail brokerage services.
BitMEX’s market share has decreased a lot since the violation of the banking secret law, but it is showing a recovery trend recently. As can be seen from The Block’s data, the company’s trading volume has been steadily increasing over the past two quarters.
Hoptner said the company can continue to grow its business by serving as the center of information for both regulators and customers through the new Academy service. The project, which has not yet set a release date, will provide educational content on cryptocurrency trading and derivatives.
“We need to bring more transparency to regulators. The way cryptocurrency exchanges work with the margin system is different from the traditional world. The risks are incomparable. Ultimately it’s up to us, and this is why we want to have an academy to explain it.”
Hoptner said the company expects to expand its head office staff over the next year and will not rule out extensive financing options.
“We are very interested in monitoring IPOs (Public Offerings) and SPACs (Company Acquisition Purposes/Bypass Listing Purposes) and tokenization. You have to evaluate everything.”
(Once the poster child for the Wild West of bitcoin derivatives trading, BitMEX announced Wednesday night its intensions to gate-crash a wide range of new businesses under a regulatory compliant mission.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.