BitMEX To Limit Its Services In Two Provinces Of Canada, Orders OSC
While explaining OSC’s decision, its spokesperson stated that BitMEX has not got any certification from a regulated agency to operate in Ontario. He further mentioned that regarding this issue, OSC held a discussion with the crypto exchange and it agreed to limit its services for the investors in Ontario.
BitMEX Investors In Doubt
After the discussion, BitMEX made an official announcement, stating that from September 01, 2020, the investors in Ontario would not be able to use the exchange for trading. Further, it notified that the decision has been taken as per OSC’s order. However, the exchange did not provide any more details or reasons for doing so.
As per the reports, no further information has been given by BitMEX regarding its operation in Canada.
Currently, Canadian investors have become a bit skeptical about it, as they still don’t know whether the exchange would be managing its operation around the country or not.
Apart from Ontario, investors from Quebec would also be not able to use the BitMEX platform for trading.
Countries Restricted BitMEX Usage
According to the reports, in the year 2019, BitMEX ceased the US-based trading accounts of its Quebec clients. However, the exchange did not agree with this report and explained that the BitMEX has not been offering its services to the US traders since the year 2015.
Canada is not the first country that has asked BitMEX to limit its services, 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, are the few that have also restricted BitMEX services’ in the country.
Reportedly, the BitMEX is planning to introduce a user verification program on August 28. This program would be compulsory for all the users of BitMEX. The exchange in its announcement has stated that the users would have to complete their verification within six months of the launch.