Cryptocurrency exchange BitMEX has announced it will restrict access for Japan residents.
The exchange claims it decided to stop offering its services due to the amendments to the Japan Financial Instruments and Exchange Act and Japan Payment Services Act effective as of 1 May 2020 following the cabinet order earlier this month.
Hence, Japan residents registering on BitMEX for the first time "will be unable to trade..." and "place orders that would open a new position or increase an existing open position."
According to an official announcement, BitMEX will restrict access starting from 23:00:00 JST 30 April 2020 (for users registering for the first time), and 00:00:00 JST 1 May 2020 (for existing registered users).
"We will continue to work with the Japanese regulatory authorities to support their aims for the Japan market and will keep our Japan users updated," the exchange said in the announcement.
Previously the UK Financial Supervisory Authority (FCA) notified investors that the BitMEX cryptocurrency exchange did not receive a license to operate in the country and could potentially conduct "fraudulent activities."