Wallets&Exchanges

As Long-term Bitcoiners and Professional Traders, We Remain Unfazed

The recent actions of the SEC against Binance and Coinbase signify a new phase in the US’ long-running effort to regulate cryptocurrencies. As was expected, both exchanges have faced withdrawal pressure and the market has taken a hit – with stock prices and valuations of US-based crypto firms sliding. So too the altcoins that may be considered securities by the SEC. 

As long-term Bitcoiners and professional traders, however, we remain unfazed. 

We saw Bitcoin bounce back to $27,000 within 24 hours of the recent SEC headlines. The most obvious reason? The chances of Bitcoin being deemed a security are slim. There’s no entity issuing it, plus Gensler already confirmed it.

While there may be a possibility of a liquidity crunch – as investors take shelter with their deposits – my long-term view is that strength will lie in numbers.

What we’ve learnt at BitMEX, having witnessed the evolution of the crypto regulatory landscape over the past decade, is to focus on what you can control – and that’s how you run the business. 

We’ve been around since 2014, which in this industry, makes us veterans. We’ve weathered a few storms and come out the other side. We know what to do and what not to do. Our team works relentlessly to navigate potential regulatory changes and volatility. 

Having a sound and viable business model that withstands pressure but still remains agile to adapt to changes is crucial in any industry. None more so than this one. 

As a derivatives exchange, protecting client assets is central to all we do. We don’t compromise security for convenience. We’re not a fund or trading house, we’re an exchange – you deploy your funds, not us. 

All things considered, I hope crypto-focused legislation will make better progress, ensuring greater clarity in the US and the rest of the world. Those industry players that are leading the efforts to improve investors’ safety should be considered as partners by the authorities to develop better-suited and fit-for-purpose regulatory frameworks. 

I know a lot of our peers feel the same. I’ll be interested to observe if there is a fast pivot from other exchanges with US operations, to other regions with great regulatory certainty and appetite. 

Right now, we’re matching the fees previously received elsewhere for those seeking a safe harbour for their crypto. It’s open to all, from new joiners to returners. You just need to show us proof of the fees you were receiving at another exchange. If you’d like to come #BacktoBitMEX you can contact our sales team here. Great fees aside, there are many other reasons to trade with us. 

Best, 

Stephan. 

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The post As Long-term Bitcoiners and Professional Traders, We Remain Unfazed appeared first on BitMEX Blog.

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