Major crypto exchange BitMEX announced that it will restrict access to its platform from Seychelles, Hong Kong and Bermuda.
Major cryptocurrency exchange BitMEX announced that it will restrict access to its platform in Seychelles, Hong Kong and Bermuda.
Per an announcement published on Aug. 19, in order to ensure the safety of funds and the stability of the exchange, the firm restricted access from countries in which the offices and workers of its parent company — HDR Global Trading Limited — reside. BitMex also claims that this is a proactive measure and noted, “This change will have no financial impact on the business and will affect very few people.”
Part of a broader initiative
BitMEX noted that closing trading in the aforementioned jurisdictions as part of a wider effort to bring transparency to the crypto space as it becomes more regulated. The exchange reportedly intends to improve the transparency of its systems and show third parties the reasoning behind features of the platform.
BitMEX also claims to be working on independent audits of its insurance fund, market-making activities and tradeable contract structure. The exchange reportedly hopes to share the results of those audits in the near future.
BitMEX is the second-largest cryptocurrency exchange with a reported 24-hour trade volume of over $2.5 billion, according to CoinMarketCap.
As Cointelegraph reported in June, BitMEX’s competitor Binance DEX, the decentralized exchange developed by major cryptocurrency exchange Binance, blocked web interface access to users based in 29 countries.