Bitcoin

BitMEX is not registered to perform functions in Ontario, the regulator says

BitMEX, one of the largest Bitcoin (BTC) trading platforms in the world, You are no longer officially allowed to serve in at least two Canadian provinces.

At the request of the Ontario Securities Commission (OSC) BitMEX will shortly limit access to its platform to Canadian investors from the province of Ontario.

A representative from the CSO told Cointelegraph that BitMEX does not have government approval to perform functions in Ontario. “”BitMEX is under no circumstances registered or recognized in Ontario“said the spokesman.

BitMEX is not registered to perform functions in Ontario, the regulator says
BitMEX is not registered to perform functions in Ontario, the regulator says

The representative said that BitMEX agreed to restrict access to the platform for Ontario investors after discussions with the supervisory authority.

The OSC statement comes shortly after BitMEX officially announced that the platform will restrict access to users in Ontario starting September 1, 2020.. In the announcement, BitMEX said that the restrictions were imposed by the OSC without explaining the reasons for the decision.

BitMEX refused to provide any further information about the regulatory status of its operations in Canada. It remains unclear whether the exchange has functions nationwide.

Ontario isn’t the only Canadian province that has BitMEX restrictions. In accordance with the BitMEX Terms of Use, Quebec citizens and residents cannot access the platform. In early 2019, it was reported that BitMEX was closing customers’ trading accounts in Quebec as well as accounts in the United States. The exchange subsequently rejected the report, claiming the platform had banned all traders from the US since 2015.

According to their website, BitMEX is also prohibited from performing its duties in the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan..

The news is coming in the moment BitMEX is preparing to launch a new user verification program. The compulsory program starts on August 28th and calls for tAll BitMEX users who perform ID checks within the next six months.

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