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Cryptocurrency investors from Ontario, Canada won’t soon be able to access the services of a popular crypto derivatives platform. Bitmex will be restricting access to its services for users from Ontario starting next month.
The cryptocurrency exchange and derivative trading platform announced the restriction for residents from Ontario, Canada on Monday, August 24, according to Bitcoin.com. Bitmex, known for offering up to 100x leverage, is owned by HDR Global Trading Limited and registered in Seychelles.
The exchange said that starting September 1, “we are restricting access to users who are Ontario (Canada) residents.” This means that users covered by the restriction won’t be able to increase existing positions or place orders for new positions.
Open positions, on the other hand, will still continue but Bitmex encouraged users to close them by January 4, 2021. The exchange warned that any position still left open at that time will be forced closed.
Starting September 1, Ontario residents will also no longer be able to register on Bitmex. “Ontario residents seeking to register on BitMEX for the first time after 1 September 2020 will not be permitted to trade on BitMEX and any such attempt to do so will be a breach of our Terms of Service,” Bitmex wrote on its site.
The company explained that its decision to restrict its service is to comply with the order of a Canadian regulator. “The restrictions are mandated by the Ontario Securities Commission,” Bitmex added. “We support the efforts of regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class. We will continue to work with the Ontario Securities Commission to support its aims for the Ontario market and will keep our Ontario-resident customers updated.”
The decision to restrict Bitmex’s services to Ontario residents is that the cryptocurrency exchange has no regulatory approval for operating in the Canadian province. “BitMex is not registered or recognized in any capacity in Ontario,” an OSC spokesperson told Cointelegraph.
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