BitMEX exchange narrows access to 3 jurisdictions: Seychelles, Hong Kong and Bermuda
- BitMEX jurisdiction restriction will ensure funds safety and platform stability.
- The list of restricted jurisdictions has risen to 11 including the United States.
Seychelles registered BitMEX cryptocurrency derivatives exchange has communicated the decision to restrict access to the platform to only three jurisdictions. The announcement released on Monday said that the decision was a pro-active reaction to guarantee safe custody of customer funds. In addition, this will help to improve exchanges stability.
The jurisdictions currently allowed are Seychelles, Hong Kong, and Bermuda. The restriction has been executed by BitMEX parent company referred to as HDR Global Trading Limited. This will also ensure that BitMEX staff do not interfere with trading operations on the exchange.
“The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated.”
“For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located,” the announcement explained.
The list of restricted jurisdictions has risen to 11 including the United States, Cuba, Crimea, Iran, North Korea, Sudan, the province of Québec in Canada, Syria and Sevastopol.
Bitcoin is reported to be under investigation by the US Commodity Futures Trading Commission (CFTC) for illegally allowing the United States residents to trade on the platform. At the moment, BitMEX does not have regulatory permits and licenses to offer trading services in the US.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
