BitMEX, one of the leading crypto derivatives trading platforms, has announced the addition and listing of new cryptocurrencies for margin trading.

The announcement of the inclusion of the new cryptocurrencies follows a promise made by BitMEX at the beginning of the year that it would support and add new cryptocurrencies for futures and margin trading before the end of the year.

As a reminder, BitMEX has come under a lot of scrutiny in recent weeks, including the announcement by the US Commodity Futures Trading Commission that it will be charging fees to the platform and its co-founders.

The parent company “100x” that oversees the BitMEX platform later underwent an executive restructuring to appoint new executives.

Read:Argentine President: There is no reason to prevent the adoption and adoption of Bitcoin

BitMEX lists three new trading pairs:

Yesterday, October 22, BitMEX announced that it plans to add futures contracts for three cryptocurrencies:

• Binance Coin (BNB)
• The digital currency Polkadot (DOT).
• Yearn.finance coin (YFI).

These three currencies are among the most popular cryptocurrencies in the industry.

BitMEX intends to complete the addition and listing process by October 30 at 4:00 UTC, with trading starting from that date.

What makes these new BitMEX contracts unique is that traders can margin trade them for Bitcoin, and they will make profits or losses in Bitcoin as the contract price changes.

These contracts differ from traditional margin contracts, which require traders to own the cryptocurrency they are trading or a fixed cryptocurrency such as USDT.

These contracts contain a fixed multiplier of Bitcoin regardless of the price of the base cryptocurrency.

This allows traders to buy or sell each currency without having to hold a particular currency or USDT.

Margin traders enter into XBT contracts, and gain or lose XBT as the price changes in the future.

Read:A $243 billion Emirati sovereign fund is ready to invest in the crypto market

BitMEX intends to add future contracts for several new digital currencies before the end of this year 2020.

BitMEX has not hinted about the new cryptocurrency that will come after the last announced cryptocurrency.

It was noted that BitMEX is looking to focus on decentralized finance, which has become the focus of crypto investors in recent months.

Speed ​​up KYC user verification processes:

The announcement of these new contracts follows another announcement that BitMEX will speed up KYC verifications.

Read:China’s Supreme Court Declares Cryptocurrency Not Protected By Law

BitMEX says that all users of the platform must be fully verified by November 5th to use the platform further. Its statement reads as follows:

We are making changes to speed up the rollout of the User Verification Program for individual and corporate customers at BitMEX.

Users must now be fully verified by November 5, 2020 00:00 UTC to continue trading on the platform.

Those who do not complete the KYC procedures by the deadline will not be able to open new positions.

Read also:

Accusing the BitMEX cryptocurrency exchange and its founders of illegal work … and the platform responds