BitMEX Shuts Down US and Quebec Traders Accounts After Canadian AMF Sends Letter

It looks like the future of BitMEX in North America is bleak. The Block Crypto has recently reported that BitMEX, which is a trading platform that was created to facilitate futures trading with cryptos (mostly Bitcoin) has been on the target of financial regulators from Canada. This has made the company close the accounts in  the United States and the Quebec region of Canada.

The Autorité des marchés financiers (AMF) of Quebec has sent a letter to BitMEX asking it to close all accounts linked to people from the region as the exchange was not properly authorized to deal with that. The regulator has started to shut down accounts fro Quebec and in the U.S. before BitMEX did.

This will have a major impact on the market, it seems, as BitMEX, at the moment, the largest market for Bitcoin, as informed by CoinMarketCap’s data.

Unlicensed companies are having a tough time right now as a lot of countries and agencies all over the globe are cracking down on them. As its activities have been deemed illegal according to the legislation of each country.

The regulator has confirmed that BitMEX is not registered with the AMF so it could not offer its services in the region. Now, as a part of its efforts to be more compliant, BitMEX has stated that it does not accept clients from the U.S. or from Quebec.

At the moment, BitMEX states that it is not operating unlawfully in any region of the world, but The Block Crypto, which first reported on this story, was unable to confirm whether this was the truth or not.