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BitMEX is Going to Block Its Users In Three Regions due to Regulatory Issues

The recent report of the Daily Hodl says that the BitMEX cryptocurrency exchange is going to block its users in three different countries that are Hong Kong, Bermuda, and Seychelles.

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The parent company of the BitMEX that is HDR Global Trading Limited (HDR) confirms the claim and says that there are some regulatory issues in these regions because of which BitMEX is taking this step.

As HDR says

…the cryptocurrency landscape has changed dramatically, and leaders such as BitMEX have been working with regulators to help shape the industry, creating the standards that will help it go mainstream,

It was further illustrated by the official notes that the industry is welcoming the regulators with their main players who are expected to be involved in the industry and do their job.

Official notes further say that the main job of these regulators is to make sure that no one gets cheated. They also said that it is their mission to ensure that the risks funds are fully explained and the fairness of products and also to make sure that the taxes are paid and collected.

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Then they conclude their statement in the following words

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.

Some other countries like the US, Quebec, Cuba, Crimea, Iran, Syria, North Korea, and Sudan are also banned by cryptocurrency exchange BiMEX.

Investigation of BitMEX

BitMEX was recently investigated by the regulators of the US. The investigation was made because BitMEX allegedly permitted the US residents to trade on its exchange without getting registered by the CFTC.

The US regulators say that these crackdowns on the unregulated exchange of BitMEX is a break of its rules.

The exchange preferred not to say anything about this. About all of this, their reply was simply this

The entity does not comment on any media reports about inquiries or investigations by government agencies or regulators and we have no comment on this report.

Conclusion

As BitMEX has been investigated by US regulators, so it is now moving forward to block its users in Bermuda, Hong Kong, and Seychelles due to the regulatory issues.

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Adeline Gibbs

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stay up-to-date with latest happenings in crypto world.

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