The BitMEX cryptocurrency exchange plans on launching its own token. According to a Twitter post by the company, it will begin airdropping BMEX tokens on February 1, 2022. Users who complete the KYC (Know Your Customer) process will receive five BMEX and 10 USDT if they register.

BitMEX will offer a maximum of 450 million tokens, and will issue tokens for a period of up to five years. BMEX claims that the majority of BMEX will go to rewarding users and developing BitMEX’s ecosystem. BitMEX employees are entitled to 20% and 25% respectively for long-term commitments to the token and ecosystem.

For inviting three more users, the exchange will offer 15 additional BMEX tokens. However, they must verify their identity. A limited number of tokens will be available for trading on the platform, which is yet to be determined. BitMEX will send token documentation by January 2022.

The token is very similar to other assets such as Binance Coin, Huobi Token (HT) and others. BMEX token owners will get lower trading fees and higher returns on Earn products. The exchange has yet to provide specific numbers. BMEX cannot be withdrawn from the platform prior to the second quarter of 2022.

The US Commodity Futures Trading Commission filed a lawsuit against BMEX, its owners, and its CEO Arthur Hayes in October 2020. They were accused of operating an unregistered trading platform, violating the CFTC’s KYC, and AML rules.

The US Department of Justice also indicted Hayes, Delo, Reed, and BitMEX’s Head of Business Development, Greg Dwyer, for violating bank secrecy law.