BitMEX will stop serving Ontario users from September 1

From September 1, cryptocurrency derivatives exchange BitMEX will restrict access for users from the Canadian province of Ontario to comply with regulatory requirements.

The BitMEX management announced that from September 1, Ontario residents will no longer be able to use the trading platform and open new positions in cryptocurrency derivatives. Open positions of traders from Ontario will be valid until January 4, 2021. After this date, BitMEX will forcibly close them, so users are advised to close current orders by themselves before the specified time.

The BitMEX management did not disclose the specific reason for this decision, but indicated that it was forced to implement such restrictions due to the requirements of the Ontario Securities Commission (OSC).

The exchange intends to comply with the requirements of regulators regarding the setting of standards for the cryptocurrency industry. BitMEX will continue to interact with OSC and will notify Ontario users of the changing situation. However, if they try to register on BitMEX and trade on the site after September 1, this will be considered a violation of the platform’s terms of use. BitMEX announced this month that it will launch a user verification program on August 28 to make working with regulators more transparent.

In May, investors filed an updated class action lawsuit against BitMEX demanding $ 540 million, accusing the exchange of violating US securities laws. Additionally, in June, Bitcoin Manipulation Abatement accused BitMEX of serving US citizens without the required license.

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