After July 11, 2022, neither Russian residents nor citizens will be able to use BitMEX services provided within the EU. BitMEX is attempting to strengthen compliance with the European sanctions against Russia.
?BitMEX will ban Russian citizens from accessing the exchange within the European union from July 11?
— The Altcoin Hub (@TheAltcoinHub) July 5, 2022
To comply with different restrictions of the European Union, BitMEX is modifying its policy regarding prohibited areas. On Monday, the BitMEX cryptocurrency exchange sent an email to a list of users who would be impacted informing them of the impending changes.
These users won’t be able to access their accounts or make any use of the platform. Russian nationals, residents, or dual citizens who also reside in the EU or Switzerland will not be subject to the limitations. To continue having access to BitMEX services, the email urged such individuals to provide more information.
The limitations applied to both Russia-established organizations whose traders access BitMEX from the EU as well as Russians trading on behalf of otherwise legitimate firms. The message made no mention of Russian users accessing the exchange from Russia, and, probably, they will not be affected by the change.
To comply with numerous EU restrictive legislation, BitMEX stated in the news that the company was changing its Restricted Jurisdictions policy. It stated that just a “small group of potentially affected users” received the email.
In response to Russia’s invasion of Ukraine, the European Union and the United States imposed severe economic sanctions, including the exclusion of Russia from the SWIFT banking network. To narrow “potential loopholes” in the earlier restrictions, it was also forbidden to provide “high-value crypto asset services” to Russia in April.
Not just BitMEX adheres to EU rules. Russian users of the top cryptocurrency exchange Binance are currently only able to withdraw their funds from the exchange, drastically restricting the firm’s services to them.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
