BitMEX services no longer available to Seychelles, Hong Kong and Bermuda

Posted 20 August, 2019

The major bitcoin derivative trading platform BitMEX reportedly stops providing exchange services to three jurisdictions striving to protect users' funds. 

The platform's operator HDR Global Trading Limited stated in report that BitMEX will be no longer available for the clients from Seychelles, Hong Kong and Bermuda. 

As the company stated, the 2013 plunge of bitcoin price summoned such new issues as "safety, security and stability." As a result, the regulators have started paying more attention to the cryptocurrency segment.

In this situation, BitMEX decided to restrict access to the platform in Seychelles, Hong Kong and Bermuda.

"We understand that nothing is more sacred than the safety of your funds and the stability of the platform," the company wrote in the report. 

It should be mentioned that HDR Global Trading Limited is registered in Seychelles headquartered in Hong Kong. One more office is in Bermuda.

 "The BitMEX platform is entering a new and exciting era. This conservative action is not taken reactively, but proactively. We want to ensure we lead the industry not just in innovation but also in standards...We believe success in the cryptocurrency space lies in the ability to think long-term, not short-term," as the company representative said.

At the same time, the exchange assured that this move would not have negative on its financial performance. 

BitMEX is moving to a new period targeting high transparency for users and other interested parties. In particular, the company is preparing an independent audit of its insurance fund. The report is expected in the near term.

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