1 year ago
Crypto derivatives trading level BitMEX could dump arsenic overmuch arsenic $100 cardinal worthy of integer assets, including Tether (USDT) and Ethereum (ETH), from its security money for U.S. Dollars that would beryllium held successful the custody accounts of its banking partners, according to a Sept. 28 notice.
The speech said the planned transactions are portion of its money reallocation process that would commencement contiguous and proceed for respective weeks. BitMEX did not supply further accusation astir its banking partners oregon however overmuch funds it plans to reallocate.
However, its security money dashboard showed that it held $80.2 cardinal worthy of USDT and 12,751.1611 ETH, worthy $20.7 cardinal arsenic of Sept. 27. The dashboard besides showed that the speech holds 36,769.3244 XBT (Bitcoin), which is astir astir $1 billion.
BitMEX has not yet responded to CryptoSlate’s request for remark regarding the grade to which it intends to reallocate funds from its security pool.
Meanwhile, the speech stated that the transactions are not expected to interaction users’ trading activities, positions, deposits, oregon withdrawal frequencies.
BitMEX’s security money is simply a important safeguard against the automatic de-risking of profitable traders erstwhile facing liquidated positions. Its superior intent is to avert insolvency by guaranteeing traders ne'er incur losses beyond their initially posted margin.
“The Insurance Fund provides an assurance that, contempt this constricted downside for losing traders, the upside is not constricted either, and profitable traders are apt to person their expected profits.”
The station BitMEX whitethorn offload $100M integer assets amid security money reallocation appeared archetypal connected CryptoSlate.
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