Bitcoin derivatives exchange BitMEX has announced that users from Hong Kong, the Seychelles, and Bermuda will be restricted from accessing its trading platform. BitMEX is based in the Seychelles and has arms in Bermuda and Hong Kong, as reported by CoinDesk.
According to the report, the firm explained that it is blocking access to its services in regions where its headquarters and offices are based. BitMEX clarified that the decision was to ensure continued compliance, explaining that it is a part of a greater effort to promote transparency and to show that BitMEX is a safe trading place.
The firm posted about the regulation, stating:
“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.”
After the announcement, the Bitcoin derivatives and exchange services of BitMEX were unavailable to users in 11 regions, including the United States, Canada’s Quebec province, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan.
The announcement follows recent accusations by the United Kingdom’s Advertising Standards Authority (ASA) that BitMEX misled investors in a Bitcoin advertisement, which reportedly used a log chart to inexplicably highlight the growth of cryptocurrency while hiding price drops. However, a number of traders recently quit the platform, withdrawing US$500 million worth of digital assets from the exchange.
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