BitMEX, a derivatives, and spot crypto trading platform, has delayed the debut of its native coin, BMEX, until further notice.
According to a press release issued on July 12, the company will no longer list the cryptocurrency on BitMEX Spot Exchange.
BitMEX, one of the world's oldest crypto trading platforms, established its spot exchange - Spot BitMEX Exchange - in May 2022.
Furthermore, the company noted that bear markets are difficult to traverse and that they has dealt with similar market situations in the past. Following this, BitMex stated that launching BMEX on its spot exchange is a "top priority."
BitMEX stated in a press release,
"While we are ready to list BMEX, the current market conditions are not ideal, and we want to issue the token in an environment where it has the best opportunity of rewarding you, its holders. For such a significant launch, time is equally as crucial as any other issue."
According to the exchange, millions of BMEX coins have been airdropped to existing and new customers for trade in the last few months, and the response has been positive.
Traders are betting on BMEX and profiting from its key services such as fee savings and withdrawal refunds, according to the exchange.
BitMEX has recently made headlines due to the imprisonment of its co-founders, Arthur Hayes and Benjamin Delo in May 2022.
While Hayes received six months of home confinement as part of a two-year sentence, Delo's sentence is 30 months. Samuel Reed, the third co-founder, is scheduled to be sentenced later this month.