HongKong based cryptocurrency exchange BitMEX remains on its path of closing accounts of clients based in the US and Quebec, due to increasing regulatory pressures.
A notice that can be found on the BitMEx website states that the exchange will take action against those who violate their terms of service.
“BitMEX reserves the right to immediately close the accounts and to liquidate the open positions of persons determined to have breached our Terms of Service.”
Anyone who utilizes VPNs to circumvent these restrictions risk having their accounts closed once BitMEX manages to determine their actual location. Even users who are placed under suspicion of living in one of its restricted areas may have their accounts shut down.
Users located in or residents of either Cuba, Crimea, Sevastopol, Iran, North Korea, and Sudan are also being placed under similar restriction as the US and Quebec.
During the previous year, BitMEX sent out a notice explaining to Canadian based clients that they would no longer be capable of depositing funds or opening new positions as of June 30th, 2018.
These notices were made due to the financial regulators of Quebec, Autorité des marchés financiers, calling BitMEX’s operations illegal.
While BitMEX may be shutting down their exchange from being operated in these areas, other exchanges are still possible to join up with. If anything, maybe their is something wrong with BitMEX’s operations that have caused the US and Quebec to close down BitMEX from interacting with its peoples.
Are you effected by BitMEX shutting down their operations in these regions of the world?
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