Home / Ethereum / The eternals are angry at Bitmex for apparently trying to drown their currency

The eternals are angry at Bitmex for apparently trying to drown their currency



Bitmex has red eyes trained on it by the holders of Ethereum after the managing director of the exchange tried to bring customers to short ETH. The CEO, Arthur Hayes, used an official account linked to Bitmex to tell Bitmex customers subscribed to the Exchange newsletter to "exchange only using Bitcoin" and "never touch Ether or USD". It's fair after announcing that the perpetual ETH / USD swap was live.

This translates into a kind of hate speech against Ethereum. Currently, the exchange manages billions of volumes (namely $ 3 billion) of trade volumes that provide for the perpetual ETH / USD exchange. Apparently, the exchange offers encrypted futures including Cardano, BCH and EOS, but it seems that the only perpetual exchange available at the moment is only for ETH. It's something that leaves a lot to think about. Does Bitmex hate the ETH so much that he intentionally wants to throw it on the blackboard?

Wide Spreads

However, a look at the spreads between buying and selling price positions tells one more secret story. The huge spread leaves people wondering if Bitmex bets against its customer base. Well, to begin with, the exchange is largely unregulated, which means there's really no one who can legally oversee its operations or make it responsible for anything. In fact, Bitmex claims not to allow US residents to trade on its platform, but has no identification procedures to apply it.

This is clearly almost a joke of a policy, especially because the CEO himself is an American who lives in the United States and appears in television studios in the United States, which means that he uses Bitmex while on American soil. According to Bitmex, anyone who resides in the United States, Iran, North Korea, Quebec (in Canada), Crimea, Sudan, Iran, Sevastopol or Cuba is expressly forbidden to use its platform.

Alternatives are back

As in fact, most Bitmex operators may be in the United States, due to the fact that trade volumes have seen a sharp increase after Huobi and OKCoin have been closed down. last September. Since then the two bags have returned to the market, although OKCoin has been renamed OKEx. Compared to Bitmex, OKEx and Huobi are relatively more professional as they do not publish artificial or expensive spreads and have favorable liquidity.

Fortunately, investors now have alternatives to Bitmex, but regulators are not yet out of trouble for not approving regulated futures from other crypto exchanges. This failure is what has left Bitmex as the only player on the market and that has probably led to current events regarding ETH.

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