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Regulator: BitMEX is restricted from operating because it is not registered in Ontario.



BitMEX, one of the world's largest bitcoin (BTC) trading platforms, has now officially been restricted from operating in at least two Canadian provinces.

BitMEX will soon restrict access to its platform for Canadian investors from the province of Ontario, following a request from the Ontario Securities Commission (OSC).

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A representative of the OSC told Cointelegraph that BitMEX does not have regulatory approval to operate in Ontario. “BitMEX is not registered or endorsed in any capacity in Ontario,” the spokesperson said.

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Following discussions with regulators, BitMEX agreed to restrict access to the platform for Ontario-based investors, the representative said.

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The OSC’s statement comes shortly after BitMEX officially announced that the platform will restrict access to users in Ontario starting September 1, 2020. In a statement, BitMEX said the limits were enforced by the OSC, but provided no further details on the reasons behind the decision.

BitMEX declined to provide further information on the regulatory status of its operations in Canada. It is unclear whether the exchange is operating legally across the country.

Ontario is not the only Canadian province restricting BitMEX. According to BitMEX’s terms of service, neither citizens nor residents of Quebec are allowed to access the platform. In early 2019, BitMEX reportedly closed customer trading accounts in Quebec and the United States. The BitMEX exchange subsequently denied the report, saying the platform had banned all U.S. traders since 2015.

According to its website, BitMEX is also banned from operating in the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan.

The news comes as BitMEX prepares to launch a new user verification process. The mandatory program, which will be launched on August 28, will require all BitMEX users to complete an identity check within the next six months.


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