BitMEX adds Seychelles, Hong Kong and Bermuda to the list of banned countries Coinfomania

BitMEX, a cryptocurrency trading platform, restricts three more jurisdictions in accessing its platform, according to Mondy Notice from the company.

Although located in the Seychelles, BitMEX has restricted users from the Seychelles, Hong Kong and Bermuda from using its services. The company explains that the restrictions need to ensure “asset security and platform stability”.

In turn, limited jurisdictions are areas where BitMex’s parent company, HDR Global Trading Limited, is located. BitMEX has assured that the restriction will have minimal impact on its users in the affected areas. In its blog post, the company states, “This change will not have a financial impact on business and will affect very few people. The BitMEX team will reach out to those affected. “

Furthermore, in its terms of service, HDR lists others limited jurisdictions. He also explains that he has the right to close any account that is suspected of accessing their services from restricted areas.

Terms of service reveal that if the user gives “False statements about your location of establishment, establishment, citizenship or place of residence, HDR reserves the right to immediately close any of your accounts and liquidate all open positions.”

Despite the assurance from BitMEX, fingers are still pointing to a possible regulatory investigation by the United States Commodity Futures Trade Commission (CFTC) as the cause of the restriction. BitMEX is not registered with the CFTC, and the U.S. is also on the list with limited jurisdiction. A regulatory investigation was to determine whether BitMEX violated its regulations by allowing U.S. retailers access to its services.

Also, the trading platform recently received a backlash from the UK Office of Advertising Standards for misinformation. According to the UK Ad Authority, BitMEX has published misleading information about the Bitcoin price chart on the front page of the Times newspaper.

According to requirements, BitMEX came up with the ad code showing the difference in price on the Bitcoin price chart in January 2009 and January 2019. Authorities claimed the ad was “a clear promotional statement about the benefits of Bitcoin and has done very little to warn consumers of any risks.” BitMEX, however, rejected those claims.

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