BitMEX to Offer Custody, Spot Trading to Expand Beyond Crypto Derivatives

Derivatives are to remain at "the heart" of BitMEX's business, however.

Apr 22, 2021 at 9:54 a.m. UTC
Updated Sep 14, 2021 at 12:45 p.m. UTC

Cryptocurrency derivatives exchange BitMEX is looking to branch out with a suite of new product offerings.

According to a blog post on Thursday, the Seychelles-based exchange is adding spot, brokerage, custody, information products and educational service. No time frame was given for when the products would be made available.

The exchange also said it would be seeking "additional licenses in highly respected jurisdictions." Derivatives are to remain at "the heart" of BitMEX's business, however, according to the post.

Embattled BitMEX has undergone a major leadership reshuffle and hiring spree in recent months following charges against co-founders Ben Delo, Samuel Reed and now-former CEO Arthur Hayes.

The former executives were accused of violating the Bank Secrecy Act by the U.S. Department of Justice and Commodity Futures Trading Commission in October.

“I joined BitMEX at the beginning of the year with a very specific mandate – to help us expand our singular focus on crypto derivatives to something bigger," said new CEO Alex Hoptner. "It’s time to aggressively grow our user base."

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