BitMEX exchange focusing on crypto derivatives has reportedly revised its rules for its service application and added some aspects that cover commissions, intellectual property, consequences of operations within the platform as well as access to the services from certain regions.
According to the new terms of service published on the company website, the company changed the rights of the BitMEX parent company HDR Global Trading Limited. In particular, earlier BitMEX could use user data when it deemed it necessary, now "all the material used on the Trading Platform and the Services…belong to the HDR Group." As a result, this means that HDR Group now can not only analyze or manage the data but also sell it.
A tighter situation in the crypto segment caused by US regulators apparently forced the company to adopt a more cautious approach in selecting customers. Although BitMEX claims that it restricted access to US traders in 2015, US customers state other.
The new rules are said to come in force on March 6.
One of the most notorious incidents in this context was the ban of Ton Weiss, a popular trader, in November 2018, who lost more than 900 referrals with his account. Weiss tried to stress that he is a US citizen, but his status as a resident was doubtful since he spends a mere 30 days a year in the country.
BitMEX took Weiss’s remarks into account in the new version of the regulations, which now prohibits both residents and citizens of certain countries to trade on the platform. Apart from the USA, the list includes Quebec, Crimea, Cuba, Iran, Syria, North Korea and Sudan.
The exchange does not specify its attitude as for the use of VPN services, but “reserves the right to close any of your accounts immediately and liquidate any open positions if you are accessing the Services from any Restricted Jurisdiction or have given false representations as to your location, place of incorporation or establishment, citizenship or place of residence,” according to the adjustments