Cryptocurrency's longest-running futures exchange, BitMEX, introduced a series of spot markets on its platform just three days before co-founder Arthur Hayes is due to be sentenced.
- The exchange said it will be giving away $1 million in cryptocurrency for users that place trades on the spot pairs.
- The platform launched in 2014 and was considered the market-leading derivatives exchange as it pioneered perpetual swap contracts, which are effectively futures contracts without expiry that require less margin and allow for higher leverage.
- The emergence of FTX and Binance Futures saw BitMEX fall down the pecking order. It now has plans to become a "top 10 global spot exchange," it said in an email.
CORRECT (May 17, 12:22 UTC): Removes reference to Ben Delo from subheading and first paragraph. An earlier version said Delo would also be sentenced on Friday.
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