Cryptocurrency exchange BitMEX has announced that it will be blocking users from Hong Kong, Bermuda, and the Seychelles from accessing the trading platform.
The exchange said in a blog post that the crypto landscape has “drastically changed”, and as such it has opted to work with regulators in a bid to help shape industry standards.
BitMEX was founded in the Seychelles not long after Bitcoin had crashed following its second major bull run in 2013, prompting the exchange to focus on a “new set of priorities” – in particular safety, security, and stability.
The blog post states that the exchange welcomes the involvement of regulators within the industry.
“It is the mission of good regulators to ensure that honest citizens are not being cheated,” write BitMEX.
“We believe fervently in these goals. And we understand that nothing is more sacred than the safety of your funds and the stability of the platform.”
Based on this new outlook, the exchange will be adding to its list of jurisdictions that are restricted from accessing the platform.
The Seychelles, Hong Kong, and Bermuda are the latest jurisdictions to be blocked, despite all three having BitMEX-affiliated employees and offices located there.
BitMEX states that the change will have no financial impact on the business and “will affect very few people”. It will also be reaching out to those affected.
The exchange also claims that the change is “proactive” and is not a “reactive action”.
It will also be improving the transparency of its systems so that its customers and stakeholders can better understand how the platform functions.
BitMEX continues to state that it will be working on independent audits of its insurance fund, market-making activities, and tradeable contract structure in the near future.
Interested in reading more BitMEX-related news? Discover more about the exchange receiving complaints from the UK’s advertising watchdog for publishing an alleged “misleading” graph on the 10th anniversary of Bitcoin.