BitMEX’s Expanding Horizon: But Not for Everybody
In the fast-paced world of cryptocurrency trading, BitMEX, once the darling of traders, is now facing the regulatory music in Canada. With a note from the Ontario Securities Commission (OSC), the platform is now officially on a timeout for at least two provinces. It seems that not all stars get to shine brightly, and BitMEX is learning this the hard way.
Ontario’s Regulatory Stance
As of September 1, 2020, BitMEX will limit access to its trading platform for users in Ontario due to lack of regulatory approval. A spokesperson from the OSC had this to say: “BitMEX is not registered or recognized in any capacity in Ontario.” Talk about a legal buffer! The OSC’s spokesperson added that BitMEX willingly agreed to curb access—perhaps realizing that running a regulatory obstacle course isn’t the best way to run a business.
Québec: The Silent Partner in Restrictions
Ontario isn’t alone in this regulatory party. Citizens from Québec have been in hot water with BitMEX for a while now. Per the platform’s own terms of service, access is a no-go for residents of this province. The saga deepens, as reports emerged in early 2019 about BitMEX shutting down client trading accounts in Québec, though they later denied doing anything of the sort, citing consistent U.S. trader bans since 2015. Everyone loves a good plot twist, right?
Global Tightening of the Reins
It’s a small world after all—or, at least it is for BitMEX’s global operations, which are currently wrapped in red tape in several regions. Besides Ontario and Québec, BitMEX faces restrictions in places like Hong Kong, Cuba, and even North Korea. Clearly, some folks just don’t like a good cryptocurrency ruckus!
Moving Forward: New Verification Measures
As the restrictions loom over North American users, BitMEX is gearing up for its new user verification program, launching on August 28. The initiative aims to have all users complete ID checks within the following six months. It’s like a “what’s your ID” party, and everyone’s invited—except, of course, those from Ontario and Québec. This might be the crypto equivalent of “no shoes, no service,” but it’s all in the name of keeping things above board.
