- The action by the exchange is an attempt to comply with EU restrictions.
- BitMEX isn’t the only one adhering to EU rules.
Crypto Exchange BitMEX is restricting access to Russian users. Customers who are Russian nationals or residents operating from the EU will no longer be able to utilize BitMEX services; the exchange informed some of its customers yesterday. The action by the exchange is an attempt to comply with EU restrictions.
According to an email from the crypto exchange yesterday, Russian nationals and European Union residents will no longer be able to use BitMEX beginning on July 11. For these people, the platform will be unavailable for any usage whatsoever.
Compliance With EU Sanctions
The limitations will not be applied to Russian nationals or residents who are also EU or Swiss citizens or those with dual citizenship. Such users were asked to provide extra information to continue using BitMEX services. EU-located Restrictions also applied to Russian traders acting on behalf of legally created Russian organizations and to Russian-established entities with traders accessing BitMEX from the European Union.
However, the statement does not mention that Russian users are expected to be unaffected by these modifications. It has been revealed that BitMEX is changing its Restricted Jurisdictions policy to comply with EU restrictions. It said that just a “small group of potentially affected users” received the email.
After Russia invaded Ukraine, the European Union and the United States imposed harsh economic penalties, including blocking Russia from the SWIFT financial network. As a result of “potential loopholes” in the earlier restrictions, “high-value crypto asset services” to Russia were also barred in April. BitMEX isn’t the only one adhering to EU rules. Withdrawals from Binance are currently the sole option for Russian users, who the exchange’s services have severely restricted.
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