Bitmex, a cryptocurrency derivative exchange will restrict access to users from Ontario, Canada, starting from Sep. 1, 2020, restrictions are mandated by the Ontario Securities Commission (OSC).
The Ontario Securities Commission (OSC), an independent Crown corporation, responsible for regulating the capital markets in Ontario. OSC’s statement comes not long after BitMEX authoritatively announced that the platform will be confining access to users in Ontario.
Bitmex said,
With effect from 00:00:00 EST on 1 September 2020, we are restricting access to users who are Ontario (Canada)…The restrictions are mandated by the Ontario Securities Commission.
Bitmex refused to give more information about the regulatory status of its operations in Canada, staying hazy whether the trade works legitimately across the nation.
According to the exchange’s terms of service, any attempt to register or trade on the exchange after Sep 1 will be considered as a breach of the company’s.
The exchange says that it will continue to work with the OSC and will keep its users updated.
OSC has always been active in the crypto industry. It was given preliminary approval in late July, for the initial public offering (IPO) of the 3iq Corp company’s Ether Fund. The IPO of 3iq’s Bitcoin Fund was also approved by the regulator.
OSC also started the proceedings against the cryptocurrency exchange Coinsquare last month for market manipulation and wash trades worth 590K Bitcoin, as well as other charges.
Bitmex not only restricts service in Ontario. As per the exchange’s terms of service, residents of Québec also are not allowed to access the platform.
The exchange is also restricted from operating in the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Crimea and Sevastopol, Iran, Syria, Cuba, North Korea, and Sudan.
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