Seychelles crypto derivatives exchange BitMEX will soon prohibit all users from Japan to use their platform.
On Tuesday, April 28, the exchange announced that since April 30 it plans to restrict access to its platform for residents of Japan and prohibit existing users from placing orders from May 1. According to the announcement, this restriction will not affect the existing open positions of Japanese users.
BitMEX made this decision in response to the recently adopted amendments to the Law on Financial Services and Exchanges in Japan and the Act on Payment Services, which will enter into force on May 1.
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“We support regulators in setting standards for cryptocurrency products that will foster the development of this rapidly growing asset class. We will continue to work with Japanese regulators and will keep in touch with our users from Japan,” the exchange said.
The amendments require cryptocurrency services to be registered with the financial regulator of Japan and comply with standards for user account management, advertising, and information disclosure.