BitMEX to limit access to Russian nationals trading from the EU

The new rules of the platform will come into force on July 11

05.07.2022 - 13:25

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What’s new? Crypto derivatives exchange BitMEX will limit access to the platform to the Russian Federation’s residents who use its services from the EU countries. The changes are related to the EU sanctions. They will affect Russian citizens, including persons “trading on behalf of any legal entity that receives access to the services of the exchange from the EU,” as well as companies located or established in the Russian Federation whose traders use the platform while in the European Union. The restrictions will come into force on July 11. The information appeared on the ForkLog website, citing BitMEX representatives.

Information on the ForkLog website

What exceptions are possible? The restrictions do not apply to Russian citizens if they are residents of the EU or Switzerland or have dual EU or Swiss citizenship and reside outside of Russia. Such users need to contact the company’s support in order to proceed. According to BitMEX representatives, the restrictions will also not affect Russian customers of the exchange located in the Russian Federation.

What is known about BitMEX? The cryptocurrency derivatives exchange was founded in 2014 and is headquartered in Seychelles. There are 60 currency pairs on the platform. In 2016, the exchange introduced perpetual futures. In early April 2022, BitMEX cut a quarter of its staff. This came after the exchange’s subsidiary BXM Operations AG refused to buy the German bank, Bankhaus von der Heydt.

In March, the Japanese authorities urged crypto exchanges not to process transactions subject to asset freezing sanctions on users from Russia and Belarus. In April, the EU limited investments of the Russian Federation’s citizens in cryptocurrency to €10 000 as part of the fifth sanctions package. Later, the Binance and Coinbase exchanges reported the suspension of services to users from Russia.

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