BitMart, a digital asset trading platform registered in the Cayman Islands made its grand debut on NASDAQ when it advertised in Times Square this week. The company who now has over 400,000 registered users globally believes that with the ad, it proves that it has achieved mainstream status with the consumers and business world.
BitMart Exchange Debuts on NASDAQ MartetSite
BitMart’s own token, rose 206.90% in the last month-to-date and seems set to perform well in June. Its success is likely explained by its 0% trading fee while the competition usually charges an exchange fee. Their withdrawal fees are among the lowest compared to the induststandardars, and they claim to have a registration process that takes less than a minute, with a user’s friendly mobile interface for easy trading.
Social Media Promotion for Millions of Cryptocandy Airdrop
In May and ongoing until June 15, BitMart is running Millions of Cryptocandy Airdrop, a promotion campaign for its registered users. The users can claim their “candy “free BTC, ETH, EOS, and BMX every day until Mid-June. Concurrently to the cryptocandy airdrop, BitMart is holding a giveaway on Twitter and instant messaging Apps like Telegram and WhatsApp to promote the event in which participants who follow the guidelines can receive 10 BMX in their registered BitMart account.
Coming to America
The company had a busy month of May. Since May 1, BitMart Exchange’s U.S. office officially registered as a Money Service Business (MSB) with U.S. regulators, administered by the Financial Crimes Enforcement Network (FinCEN)What does it mean for the company and its registered users? With this registration, BitMart can perform crypto-to-crypto trading in most U.S. states and territories.
Following the initial registration with FinCEN, Sheldon Xia stated, “The initial registration with FinCEN as an MSB is not costly, but it means our compliance team undertakes the responsibility of recordkeeping and reporting every single suspicious transaction that might run afoul of Anti-Money Laundering Laws. Through this, BitMart is subject to FinCEN’s constant scrutiny through its annual renewal system. Most importantly, however, registering as an MSB in the U.S. signifies BitMart’s expansion into the global market, and proves that BitMart is ready to embrace the most stringent regulations.”
Possible Issues with BitMart
There are a few things to watch out when considering trading on Bitmart. For starters, the company was launched in 2017 and is extremely young, and even though it seems to have a knowledgeable team, it hasn’t made its mark yet. Secondly, the Fiat payments not supported and while a crypto-to-crypto model is not wrong, it will limit some clients and may stomp its growth. That being said, there are alternatives available to convert fiat currencies to crypto either via bank transfer or credit card. Thirdly, as pointed out by ForexBrokerz, while the MSB license is a plus, it may not be up-to-date with the US legal developments, and lastly, the margin trading is not available, but the company does promise to display it when future trading is implemented in the BitMart system.
Sheldon Xia, Founder & CEO of BitMart Exchange said in a statement that ” BitMart’s long-term goal is to become a whole-network trading platform providing one-stop financial solutions for cryptocurrency trading, as well as small business enterprises,” adding ” as well as one that brings more innovation to the industry.”