BitMEX Adds Japan to its List of Restricted Jurisdictions Starting May 1st

  • Cryptocurrency derivatives platform BitMEX will no longer serve Japanese users.

As per the official announcement on Tuesday, the Seychelles-based exchange is restricting access to its users who are Japanese residents starting 30 April 2020, 23:00:00 JST for new users, and 1 May 2020 for existing registered users.

As such, a first time Japan resident user will be unable to trade while any registered Japan resident customer will no longer be able to open a new position or increase an existing open position, open positions will be unaffected.

This is not the first time BitMEX is restricting users, back in August, the exchange added Seychelles, Hong Kong, and Bermuda to its list of restricted jurisdictions that already included USA, Quebec, Hong Kong, China, Crimea, Iran, Syria, North Korea, and Sudan, from accessing its platform.

Why the restriction?

This new restriction has been in response to the amendments to the Japan Financial Instruments and Exchange Act (FIEA) and Japan Payment Services Act (PSA) effective as of 1 May 2020.

As per the amending regulations, crypto exchanges have to register with the regulatory authorities and comply with the relevant provisions.

Crypto exchanges also have to manage users’ money separately from their own cash flows. In a move to tighten restrictions on the crypto custodians, the agency now requires the exchanges to find a third-party operator to hold their clients’ money.

Moreover, they are required to use “reliable methods” like cold wallets and in case they are using hot wallets, exchanges would have to hold “the same kind and the same quantities of crypto assets” so that users can be reimbursed in the event of theft.

“We support the efforts of regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class,” said the exchange.

“We will continue to work with the Japanese regulatory authorities to support their aims for the Japan market and will keep our Japan users updated.”

As we reported, since Black Thursday, BitMEX has lost nearly 32% of its market share and much of that has been grabbed by Binance.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,236FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today