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Russian Citizens Are Banned From Accessing BitMEX From The EU

Russian citizens are banned from accessing the BitMEX exchange and services from the European Union after July 11 as the platform is working to increase complaince with the EU sanctions against Russia by enforcing even bigger restrictions for the users so let’s have a closer look at today’s latest cryptocurrency news. The Russian citizens are […]

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Russian Citizens Are Banned From Accessing BitMEX From The EU

Russian citizens are banned from accessing the BitMEX exchange and services from the European Union after July 11 as the platform is working to increase complaince with the EU sanctions against Russia by enforcing even bigger restrictions for the users so let’s have a closer look at today’s latest cryptocurrency news.
The Russian citizens are banned from using BitMEX in the EU region as the platform is changing its restricted jurisdictions policy to become compliant with the restrictive measures of the EU. The crypto exchange notified a group of affected users about the upcoming changes on Monday and according to the emails, the residents or citizens in Russia will no longer be able to access BitMEX services from July 11, 2022, which means that the users will not be able to log into their account or access the services from the EU unless an exemption applies.
The new restrictions don’t apply to Russian citizens or residents who access BitMEX services from the EU that are residents in the EU or Switzerland. The dual citizens of the EU or Switzerland that live outside of Russia will not be affected:
“If you are a resident in the EU or Switzerland or a dual citizen of the EU or Switzerland and reside outside Russia, you may submit additional information to apply for an exemption and continue to access our Services from the EU.”

The measure targets all types of traders like persons trading on behalf of any legal persons while they use BitMEX from the EU and legal persons that are established in Russia whose traders access the EU services. The announcement didn’t point to any impact on the Russian customers that access BitMEX services from Russia. The latest restrictions from the exchange arrived after a wave of exchanges such as Binance restricted the Russian users. The majority of the restrictions came in the first two months when president Vladimir Putin announced a special military operation in Ukraine.
As recently reported, The global crypto derivatives exchange BitMEX is expanding the platform beyond just derivatives and launched a spot crypto trading platform. BitMEX launched spot exchange trading options on May 17 and said the platform is now live, allowing retail and institutional investors to buy and sell cryptos like BTC and ETH. The exchange supports seven pairs of crypto including ETH, BTC, LINK, UNI, MATIC, and AXS< APE all trading against Tether’s USDT.