Bitmex Updates New Crypto Trading Rules to Modify Access Conditions
Most of the crypto ecosystem is trying to become safe and updating their policies accordingly. In the same spirit, one of the biggest crypto exchanges, Bitmex have updated their Terms of Service. This comes under a situation when there is media pressure on the exchange as accusations arise that they want to keep unwelcome users off their platform.
The changes are going to be in effect on March 6th. There are new stipulations surrounding trading fees, the consequences for users of sending executing actions, and on intellectual property.
The circular released by the exchange says:
“A modification of access conditions for using the Trading platform, including the prohibition on access from certain restricted jurisdictions and the restrictions on your activities on the Trading platform. Another update will be a new provision covering HDR’s right to rely on your trading instructions.”
The exchange clarified the rumors that it was selling customer data to third parties by saying:
“BitMEX is aware of the speculation surrounding its updated Terms of Service with regards to organizing and analyzing content on its platform. However, BitMEX would like to stress as well as clarify that it does not, sell, trade, or offer customer data to third parties.”
Bitmex has been facing problems concerning the exclusion of users prohibited by the laws of their country from accessing and trading on the site, notable users from the US and Québec who would be in violation of securities laws. Both residents and citizens of the US and Québec are now explicitly excluded from trading on BitMEX, as are those of any other jurisdiction that is embargoed by the US.
Earlier today BitcoinExchangeGuide reported that the exchange saw $41 liquidated when the Bitcoin’s price dropped by $100. this liquidation moved Bitcoin’s price $100 down, equal to 2.5% of its price in just a few minutes. Moreover, bitcoin lost more than $1.5 billion market capitalization during the same period of time.