One of the largest cryptocurrency exchanges by volume is preparing to block all traders in Japan from using its platform.
The move comes after Japan’s Financial Services Agency (FSA) released a set of amendments to its rules and regulations outlining how exchanges can operate.
BitMEX says the change will take effect on April 30th, just before the amendments become law on May 1st.
“This will mean a user who is a Japan resident registering on the BitMEX platform for the first time will be unable to trade and any existing registered customers who are Japan residents will not be able to place orders that would open a new position or increase an existing open position.”
The exchange says it’s working with regulators to determine how it can comply with the new rules and will keep its users in Japan updated.
The FSA first began tightening its laws on how crypto exchanges can operate in the country in early 2019, enforcing strict rules on custodianship, security and methods for on-boarding new clients.
