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BitMEX Seeks to Connect Forex Market and Crypto Innovation through FX Perps

Crypto exchange BitMEX has launched the first-ever FX perpetual swap contracts (FX perps) that will enable users to trade the most sought-after foreign currency pairs 24/7, irrespective of whether the forex market (FX) is closed or not.

Therefore, this move by BitMEX will prompt crypto’s first-ever perpetual FX swap listing. Daniel Egloff, the Head of Quants at BitMEX, pointed out:

“BitMEX FX perps are a transparent exchange-traded contract which allows FX traders to go long and short as a taker or maker for which we offer a 1 basis point fee rebate, which is unique in the industry. For institutional users, FX perps provide an entirely new way to create synthetic crypto pairs to arbitrage – for example; Bitcoin quoted in non-USD currencies.”

The innovation rendered by the FX perpetual swap is that it’s a form of derivative contract that incorporates the merits of both the future and spot markets. As a result, institutions and individuals can trade it with up to 50x leverage.

Per the announcement:

“One of the key innovations is a funding rate that is paid every eight hours to help trading prices stay in line with the underlying index price. The FX perpetual swap allows users to long or short FX pairs – e.g., EURUSD and NZDUSD – in order to capitalise on price differences in foreign currency markets.”

“FX perpetual contracts on BitMEX are margined and settled in either Bitcoin or Tether (ERC-20),” the report added.

Therefore, the FX perps are advantageous to traders who intend to leverage the benefits of derivatives without worrying about expiry dates.

Alexander Hoptner, the BitMEX CEO, noted:

“The launch of our FX perpetual swap marks another step in our journey to create a vibrant crypto ecosystem for our customers.”

Meanwhile, BitMEX reached a milestone by hitting a daily trade volume of $24 million in less than ten days after being launched in May.

The significant 24-hour trade volume illustrated a strong desire by institutional and retail investors to enter the crypto space, Blockchain.News reported.

Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus.

Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. An excellent opportunity to meet with 3000+ industry representatives, project owners, VCs, developers, cryptocurrency and forex traders, fintech-providers and gamers under one roof. Thousands of collaboration opportunities will be generated in a single day, because nearly everyone in the industry and all great projects will be there. Are you ready to join?

RSVP for free: https://www.wikiexpo.com/Australia/2023_EN/auexpo.html

About Wiki Finance Expo, Sydney 2023

As a leading global platform for financial exhibitions and FinTech conferences, Wiki Finance Expo hosts large-scale summits annually in Singapore, Sydney, Dubai, Hong Kong, Malaysia and Bangkok. Every event attracts the attention and expectations of the industry. It is not the first time that Wiki Finance Expo has taken place in Australia, and it is grander than ever. As one of the most magnificent expos in the industry, WikiEXPO has always regarded Australia as “the land of opportunity” for the development of forex and blockchain industry in the world.

50+ Prominent Industry Experts in Attendance

200+ Partners Co-Design the Future of Digital Finance with WikiEXPO

The event is supported by more than 200 institutions, media and companies, 23 sponsors, and more than 3,000 attendees from forex, blockchain, Web3.0, crypto, NFTs, Metaverse, DeFi, AI, ESG.

The Financial Services Institute(FSI), government agency in Mauritius.

AUSCL Australasian Society for Computers + Law.

Together with these outstanding partners, WiKiGlobal is dedicated to promoting the regulatory security of cryptocurrencies and FX.

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Date: November 16, 2023. 9 am to 6 pm

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And don’t forget to spread the word. See you there!

Nigeria Seeks $10 Billion in Damages from Binance

The Nigerian government is seeking a staggering $10 billion in damages from the world’s largest cryptocurrency exchange platform, Binance, over accusations that its activities have significantly destabilized the country’s economy, according to BBC.

The claim centers around allegations that Binance has been a key player in manipulating the exchange rates, contributing to the Naira’s nearly 70% devaluation in recent months. Bayo Onanuga, a spokesperson for President Bola Tinubu, emphasized the detrimental impact of Binance’s operations on Nigeria’s attempts to stabilize its economy.

According to Onanuga, “The platform is fixing the exchange rate in the country at an illegal rate. The CBN (Central Bank of Nigeria) is the only authority that can set exchange rates in the country.”

Furthermore, security agencies have detained two foreign executives of Binance as part of an ongoing investigation into the platform’s alleged involvement in money laundering and terrorism financing.

The Central Bank of Nigeria Governor Olayemi Cardoso disclosed that approximately $26 billion has been transacted through Binance Nigeria in cryptocurrency trades, many of which stemmed from “sources and users we cannot adequately identify,” underscoring the regulatory challenges posed by cryptocurrencies.

The Nigerian authorities assert that, contrary to the country’s laws, Binance and other cryptocurrency companies have been operating without proper registration. Even after the CBN lifted a ban on cryptocurrency in 2023, compliance with registration requirements under the Security Exchange Commission (SEC) remained a contentious issue.

Binance has since removed Naira transactions from its platforms as part of its cooperation with the government. Onanuga noted that the government’s demands are not excessive given the rapid and severe economic disruptions attributed to Binance’s activities.

As the investigation proceeds, details on the duration it will take and the nature of discussions between the Nigerian government and Binance remain undisclosed. The situation has sparked broader discussions on the regulation of cryptocurrency exchanges and the impact of decentralized financial platforms on national economies.

This case has far-reaching implications for the crypto industry, especially in terms of regulatory compliance and the relationship between digital currency platforms and sovereign monetary policies. It also raises critical questions about the balance between innovation in the financial sector and the need for governments to safeguard their economies.

Wiki Finance Expo Hong Kong 2024 Is Coming in May!

Regulation, Forex, Crypto, Web 3.0, NFTs, Metaverse, ESG Will Be in Focus.

Taking place on May 17, 2024, Wiki Finance Expo Hong Kong 2024 is one of the largest and most influential FinTech and Web3.0 events in Asia in 2024. Participation is free. Register here to get your ticket for free: https://www.wikiexpo.com/HongKong/2024/en/hkexpo.html

500+ Event Supporting Partners, Co-Designing the Future of FinTech

Supported by 300+ outstanding companies, 200+ media, 30+ sponsors, and 3,000+ attendees in the fintech, forex, blockchain, Web3.0, crypto, NFTs, Metaverse, DeFi, ESG fields, Wiki Finance Expo, Hong Kong 2024 has promised to bring a wonderful and rewarding summit for the industry.

Dominic Williams, Founder & Chief Scientist, DFINITY Foundation

Evan Auyang Chi-chun, Group President, Animoca Brands

Justin Sun, Founder – TRON, Member – HTX Global Advisory Board

Jun Du, Founder, SINOHOPE & ABCDE Capital

Alvin Hu, Managing Director, Head of Key Account, KuCoin Exchange

Kevin Lee, CEO, Gate.HK

John Patrick Mullin, Co-Founder, MANTRA

Prof Li Wenzheng, IEEE China Council Executive Director / Chairman of IEEE Industrial Cooperation and Innovation Committee, Beijing University of Technology

Weronika Marciniak, CEO, Future is meta

Daniel So, Business Development Director, Worldpay

Emomotimi Agama, Fellow, U.S. SEC & IFC – Milken Institute, Managing Director, Nigeria SEC/NCMI

Loretta Joseph, Policy Consultant, The Commonwealth, Chairman, ADFSAC

Dr. Florian M Spiegl, Appointed Member, (HK) SFC – FinTech Advisory Group, Founder & CEO, EVIDENT, Lecturer, HKU – Faculty of Business and Economics

Sandeep Sethi, Co-chair, GreenTech and ESG Committee, Fintech Association of Hong Kong

Jonathan Gill, Senior Tokenisation Director and Legal Advisor, HashKey Group

Stratos Pourzitakis, PhD, Head of Digital Policy APAC, HSBC

Bugra Celik, Director, Digital Assets | Global Private Banking & Wealth, HSBC

Gilbert Ng, Director, The Association of Blockchain Compliance Professionals

These guests will bring their profound insights and cutting-edge ideas in the fields of financial technology and WEB3.0, engaging with the audience to discuss and share the latest developments and future trends of the industry.

Don’t Miss Out

📅 Time: May 17, 2024

📍 Venue: Sky100, Hong Kong.

📌 Covered areas: Fintech, Blockchain, Crypto, Web3.0, Metaverse, Payments, Forex, NFTs, RWA, Tokenization, ESG

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🎈 Booth: 100+

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