BitMEX, a cryptocurrency exchange, has postponed the listing of its native token BMEX due to unfavorable market conditions.

The exchange stated in a recent blog post that, while they are ready to list BMEX, the current market conditions “are not ideal.”When asked when the coin would be listed on BitMEX’s spot exchange, BitMEX’s official Twitter account responded, “when conditions are more favorable.”

Meanwhile, the efficiency of other exchanges’ native tokens has been mostly negative over the last month. For example, at the time of writing, Binance’s BNB is down 17% in a month, Bitfinex’s LEO is down nearly 3%, FTX’s FTT is down 10%, and OKX’s OKB is up 4%.

RELATED: BitMEX Founders To Pay $30 Million Fine

BMEX, which was first announced in late 2021, is an ERC-20 token with a maximum supply of 450 million. The token was presumed to be listed on the exchange’s spot exchange in 2022. As previously reported, the exchange distributed BMEX 1.5 million to new and existing users in late January 2021.

“BMEX will have a maximum supply of 450m tokens, vested over a period of up to 5 years. The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem,” according to the company.

BMEX token holders can receive up to 15% off trading fees and preferential rates on derivatives and spot exchange. Coinholders will also be able to stake their coins and earn rewards. Early access to new products, participation in initial exchange offerings (IEOs), and VIP experiences and merchandise are among the other benefits.

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