Hong Kong Crypto Exchange BitMex Shutting Down Trading Accounts in the US and Quebec



the Hong kong-based Bitcoin futures exchange bit Mex is pulling the plug on trading accounts in the US and in the Canadian province of Quebec emits growing regulatory restrictions in North America although bit Mex is one of the most active Bitcoin trading platforms in the world with a current turnover of 928 billion dollars the trading platform is rightfully nervous on the impact of the tighter laws for exchanges on the continent fit mechs ditching us accounts amidst regulatory crackdown spit mechs is currently in the process of shutting down us trading account and also those in Quebec in the face of current crackdowns on unlicensed crypto exchanges the popular trading platform is currently based out of Hong Kong and is known for inhabiting the most expensive office property in the heart of the Asian financial epicenter the news is being reported in the South China Post SCP who stated that the development comes at the same time as the Hong kong-based Company notifying users in North Korea Iran Syria Cuba Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on bit Mex as these are restricted jurisdictions it looks like bit Mex is not only tightening their belts but also ensuring their backs are covered and that their users are informed and protected against ongoing regulatory crackdowns fit mechs not registered with AMF in Canada bit Mex is making their move across North America as the Canadian regulatory body Otto Rita demarche financed ears AMF recently informed the SCP that bit Mex is now operating illegally in Canada by saying bit Mex is not registered with the AMF and is therefore not authorised to have activities in the province of Quebec we informed this company that its activities were illegal well this is the reason why bit Mex is now calling trading accounts across Quebec there has been no news to why they are suspending trading accounts on their platform in the US but many will naturally assume they are pulling the plug in America for similar reasons in regards to harsher crypto exchange regulations we reported back in December that exchanges CEO Arthur Hayes reckoned that 24/7 trading of all types of assets is the future it looks like the future for the exchange doesn't involve the US markets vast parts of Canada and other restricted parts of the crypto sphere bit mechs is yet to comment on the culling of trading accounts across vast parts of North America however the exchange was in fine form over the past 24 hours and still has almost a billion dollars worth of crypto assets on their platform featured image from Shutterstock advertisement

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