HDR Global Trading Limited-owned cryptocurrency exchange and derivatives trading platform BitMEX has announced today on August 24, 2020, that it is going to block customers living in the Ontario province of Canada while restricting them from placing orders on its trading platform. The restriction will come into effect from Sep 1, 2020, as per the announcement blog post published by the derivatives exchange.
Notice to residents of Ontario
In the blog post, BitMEX has issued a notice to the residents of the Ontario province of Canada saying that the cryptocurrency derivatives exchange is going to restrict them from using its trading platform. So, those who are the residents of the Ontario province will not be able to use the trading platform of the BitMEX exchange from the 1st of September onward.
Where new users have been blocked by the derivatives exchange, the old users of the exchange also won’t be able to carry on their trading from the given deadline as per the announcement post.
As the blog post reads:
“With effect from 00:00:00 EST on 1 September 2020, we are restricting access to users who are Ontario (Canada) residents. This will mean that existing customers who are Ontario residents will not be able to place orders that would open a new position or increase an existing open position. Open positions will continue in accordance with the terms of the relevant contract but must be closed by 00:00:00 EST on 4 January 2021 at the latest. On 4 January 2021, any open positions will be force-closed so we encourage Ontario-resident customers to close all positions as soon as possible before then.”
As the residents of Ontario are not permitted to trade on BitMEX from the beginning of the next month, so if they make any attempt to get access to the trading platform of the exchange it will be considered as a breach of the Terms of the Service of the exchange, BitMEX said in the blog post.
The reason behind blocking Ontario customers has not been revealed, however, the company says that the Ontario Securities Commission is mandating these restrictions.
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