BitMEX restricts access to Hong Kong, Bermuda and Seychelles
- The decision has been taken to ensure the safety of funds and stability of the firm.
- BitMEX has restricted usage wherever HDR affiliated employees and offices are located.
Crypto derivatives exchange, BitMEX, will be restricting access to its platform for three additional jurisdictions - Hong Kong, Bermuda and Seychelles. Apparently, the decision has been taken to ensure the safety of funds and stability of the firm. BitMEX, being registered in Seychelles and has business wings in both Bermuda and Hong Kong. The restriction of access by the exchange's parent company HDR Global Trading Limited will ensure the non-involvement of BitMEX employees in trading activity on the platform.
In an official statement, BitMEX stated:
"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.”
This new restriction adds to the previous list of restricted jurisdictions - the United States, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan. The move by the exchange came when a Bloomberg report stated that it is under investigation by the Commodity Futures Trading Commission (CFTC) for the continuation of its services in the United States.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
