Crypto Exchange BitMEX to Block Users in Seychelles, Hong Kong, and Bermuda

Asia Blockchain Review
August 27, 2019

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. 

Access Restriction from BitMEX’s Bases

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.”

BitMEX Strengthens its Image after Public Misleading Accusation

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. 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us