BitMEX Exchange Not To Work With Clients From US And Quebec
The cryptocurrency exchange BitMEX will stop servicing the accounts of users from the United States and Quebec province in Canada, the Hong Kong-based South China Morning Post reports referring to the company’s press release.
The decision of the trading platform is caused by the pressure from global regulatory organizations which intensify the fight against cryptocurrency companies working without a license. For instance, at the beginning of 2018, the Quebec province financial regulator (Autorité des marchés financiers) sent a letter to BitMEX demanding to stop maintaining the Quebec users' accounts, as the exchange did not have the corresponding permission.
The cryptocurrency platform is not registered with AMF and has no right to work in the territory of the province, for which reason the company received a notice of illegal activity, the regulatory organization’s press office declared. The crypto exchange is obliged to close all accounts of Quebec users.
The US Securities and Exchange Commission has not yet commented on this situation. Arthur Hayes, the head of BitMEX, also refused to make a public speech.
These events take place while since late 2018, the cryptocurrency exchange has started to inform users from countries under international economic sanctions about the termination of their accounts servicing.
According to the data of the Hong Kong publication, the trading volume of BitMEX amounted to $965 billion in 2018. In August, the company rented offices in a prestigious business center, worth $600,000 per month.
Earlier, Arthur Hayes, the head of the platform, expressed the opinion that bitcoin price is going to drop for six months.