Crypto Trading Giant BitMEX Banning Users in Three New Regions
The crypto exchange BitMEX says it’s blocking users in Hong Kong, Bermuda and Seychelles. Its parent company, HDR Global Trading Limited (HDR), says the new restrictions are due to regulatory issues in the three regions.
“…the cryptocurrency landscape has changed dramatically, and leaders such as BitMEX have been working with regulators to help shape the industry, creating the standards that will help it go mainstream.
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. Regulators bear the burden of ensuring that risks are clearly communicated, products are fair, and taxes are collected…
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.”
BitMEX already prohibits the use of its exchange in the US, Québec, Cuba, Crimea, Iran, Syria, North Korea and Sudan.
The announcement comes as the company reportedly battles regulators in the US. Last month, Bloomberg reported that the U.S. Commodity Futures Trading Commission is investigating the exchange for allegedly allowing American citizens to trade on the platform.