Currently standing as the second largest cryptocurrency exchange platform with a 30-day trade volume of $99,192,423,538 according to CoinMarketCap, BitMEX truly proves to be among the most significant entities in the cryptocurrency industry. Changes in its policies are therefore necessary to be properly disseminated among crypto traders and bitcoin investors worldwide.
Just yesterday, August 19, the BitMEX team has released a blog post announcing the need for the company to restrict access to all BitMEX users in Seychelles, Hong Kong, and Bermuda.
But why these three places in particular?
According to the BitMEX exchange, Seychelles, Hong Kong, and Bermuda are where the offices and affiliated employees of HDR Global Trading Limited (HDR) are located. The HDR is the founding entity of the BitMEX cryptocurrency exchange platform.
So what if the BitMEX offices are located in these jurisdictions? Why is there a need to restrict access to traders or crypto exchange users from those places?
According to BitMEX, this new policy is in view of the company’s goal to put primacy on the security of the whole cryptocurrency trading populace most especially the users of BitMEX. As they assert,
“The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated. Regulators bear the burden of ensuring that risks are clearly communicated, products are fair, and taxes are collected. Through this process, we will see a new era of legitimacy for cryptocurrency exchanges: a future where market operation standards are clearly stated and maintained, where security is paramount, and where financial reserves are independently and frequently audited.”
What do the restrictions mean for the cryptocurrency exchange users worldwide? Will this negatively affect the digital currency industry?
BitMEX reassures the crypto trading public that this move “will have no financial impact on the business and will affect very few people.”
All the actions of BitMEX concerning the placing of restrictions on certain jurisdictions are only part of a forward-looking goal to create standards that will eventually serve as foundations for the further adoption of cryptocurrencies. The change in policy merely reflects the belief of the BitMEX team that “nothing is more sacred than the safety of your funds and the stability of the platform.”
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