BitMEX will restrict services to Russians in the EU

key takeaways

  • The BitMEX cryptocurrency exchange will no longer offer its services to Russian citizens or residents located in the EU.
  • Russians located in Russia will likely not be affected by the changes.
  • The company is applying the restriction to comply with EU sanctions against Russia over the war in Ukraine.

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BitMEX will stop offering its services to Russian citizens or residents operating from the EU, the exchange notified some of its users yesterday. The move is an effort by the exchange to comply with EU restrictive measures.

Termination of service due to EU sanctions

BitMEX is clamping down on its Russian users.

According to an email sent yesterday by the crypto exchange to some of its users, as of July 11, BitMEX will no longer offer its services to Russian citizens or residents who are currently in the European Union. These users will not be able to log into their accounts or use the platform in any way.

The restrictions will not apply to Russian citizens or residents who are also EU or Swiss residents, nor to citizens with dual citizenship. The email encouraged such users to submit additional information in order to continue to have access to BitMEX services.

EU-based Russians trading on behalf of legal entities were included in the restrictions, as were Russian-based entities whose traders access BitMEX from the EU.

Russian users accessing the exchange from Russia were not mentioned in the statement and will likely not be affected by the changes.

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BitMEX said crypto report that the company was updating its restricted jurisdictions policy to comply with various EU restrictive measures. He claimed that the email was only sent to a “small group of potentially affected users.”

The European Union and the United States have responded to Russia’s invasion of Ukraine with fierce economic sanctions, including a ban on the country from the SWIFT banking system. In April, the provision of “high-value crypto asset services” to Russia was also approved. forbidden in order to close “potential loopholes” in previous sanctions.

BitMEX is not alone in following EU regulations. Binance, the leading cryptocurrency exchange, has already limited its services to Russian users, who can now only withdraw their funds from the exchange.

Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.

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