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BitMEX To Increase Compliance With European Sanctions Against Russia

BitMEX, the major cryptocurrency exchange, is working to increase compliance with the European sanctions against Russia by preparing to enforce major restrictions for its Russian users.

It has been reported that BitMEX is changing its restricted jurisdictions policy to be compliant with various restrictive measures of the European Union. The BitMEX crypto exchange notified a group of potentially affected users about the upcoming changes via email on Monday.

However, Russian citizens or residents will no longer be able to access BitMEX services from the European Union after July 11, 2022. That means that such users will not be able to log into their account or access any services from the European Union, unless an “exception applies.”

The report said that the new restrictions do not apply to Russian citizens or residents accessing BitMEX services from the EU who are also residents in the EU or Switzerland. The email noted that dual citizens of the EU or Switzerland who reside outside Russia will also not be affected.

The statement said:

“If you are a resident in the EU or Switzerland or a dual citizen of the EU or Switzerland and reside outside Russia, you may submit additional information to apply for an exemption and continue to access our Services from the EU.”

Likewise, the measure targets all types of traders, including persons trading on behalf of any legal persons, while they access BitMEX from the EU, as well as legal persons established in Russia, whose traders access the services from the EU. The announcement doesn’t point to any impact on Russian customers accessing BitMEX services from Russia.

BitMEX’s latest restrictions against Russians in the EU arrived after a wave of major exchanges like Binance announced restrictions for Russian users.

Thus, the majority of such restrictions came in the first two months after Russian President Vladimir Putin announced the “special military operation” in Ukraine on February 24.

Source: Cointelegraph




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