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BitMEX to Close Registrations for Japanese Traders

Crypto exchanges
BitMEX to Close Registrations for Japanese Traders

Crypto exchange BitMEX announced to restrict Japanese citizens from signing up on the platform starting on April 30 and ban the usage of the platform beginning next month for existing Japanese traders.

April 29, 2020 | AtoZ Markets – According to an official announcement by BitMEX , existing Japanese users on the exchange will not be able to place orders that would open a new position or increase an existing open position.

The restrictions put on by the exchange are in response to the amendments to the Japan Financial Instruments and Exchange Act and Japan Payment Services Act effective beginning next month following the cabinet order earlier this month.  

Read: UK FCA Warns Against Crypto Exchange Bitmex

BitMEX closes registrations for Japanese traders but will continue to work with the FSA

BitMEX in its blog announced that they would continue to work with Japanese regulatory authorities to bring back Japanese users on the platform. Ironically, this announcement comes on the heels of Japanese Regulators, including Japan Financial Services Agency (FSA) approving Huobi Global’s native exchange Token (H.T.) as a compliant crypto asset in addition to 25 other compliant tokens. H.T. will begin trading on Huobi Japan in May.

H.T will begin trading on Huobi Japan starting next month. BitMEX has also pledged to continue to work with Japanese regulatory authorities to support its aims for the Japanese market.

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BitMEX continues to branch out in other countries

Even though BitMEX has pulled out from Japan market, but the exchange is extending its presence in other countries. The exchange announced to invest in Indian crypto space earlier this month as it invested in CoinDCX.

Earlier this month, BitMEX announced that it would be launching an ETH/USD Quanto futures contract next month. The new futures product will be the first of its kind in the market. BitMEX also launched a new perpetual swap contract pair on its platform to trade XRP/USD with leverage earlier this year. 

This is not the first time that BitMEX has faced regulators with the exchange reportedly under investigation by the U.S. Commodities and Futures Trading Commission (CFTC) for allowing U.S. based traders to use its platform in December 2019. Despite the increased scrutiny, the BitMex cold wallet increased by $140M worth of BTC in January.

What do you think about BitMEX Decision to restrict Japanese traders? Let us know in the comments below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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