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. 

Source: https://www.coindesk.com/ 


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
    Infinito: Heralding the Rise of Digital Wallets in SEA
    Infinito, a digital wallet operator in SEA, is in a prime position to capitalize on the impending ri...

    February 26, 2020

    Earn while You Sleep with Crypto Staking
    As the crypto-driven revolution continues to take the financial world by storm, the crypto sector ha...

    February 25, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    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