Crypto derivatives giant BitMEX announced that it is closing its doors to Ontario, Canada’s second largest region with a population of 15 million. BitMEX had previously banned users in the US, Hong Kong, Bermuda and Seychelles regions from accessing the platform.
BitMEX, one of the oldest cryptocurrency derivatives exchanges, has decided to close its platform to users in the Ontario region of Canada.
According to the company’s written statement today, users in the Onario region will not be able to use the platform as of September 1. After this date, the users of this region will not be able to open new positions on the platform, but open positions will remain valid until January 4, 2021.
BitMEX stated that this will ensure that closed positions are reopened and closed until the specified day.
The reason is not explained
BitMEX did not provide a clear explanation as to why users in Ontario faced the ban, but pointed to the Ontario Securities Commission, the region’s regulatory executive. Users who want to become a member of BitMEX or trade here after September 1 will be deemed to have violated the company’s Service Rules.
The stock exchange, where controversial news is constantly made, has shown that it will take more positive steps in terms of regulations with the confirmation of “KYC” ie “Know your customer” since the beginning of this month.
As it is known, since 2015, the exchange has not allowed US users to use the platform. Recently, users in Hong Kong, Bermuda and Seychelles have been added to this list. BitMEX, based in Eden Island and often criticized for allowing highly leveraged transactions, recently changed its parent company name to “100x”. However, at that time, the company stated that this was not a reference to leveraged transactions.