BitMEX to Ban Services to Ontario Residents
Main page News, Canada, Exchange, Cryptocurrency Exchanges, Regulations

Cryptocurrency exchange BitMEX will stop offering services to Ontario (Canada) residents due to restrictions mandated by the Ontario Securities Commission.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

According to an official announcement, the restrictions will mean that clients from Ontario will not be able to place orders that would open a new position or increase an existing open position.

"We support the efforts of regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class." the exchange said.

BitMEX says open positions should be closed by 00:00:00 EST on 4 January 2021 at the latest. On 4 January 2021, any open positions will be force-closed, the exchange says.

Starting from 1 September 2020, Ontario residents will also not be permitted to trade on BitMEX.

Ontario Court Refuses QuadrigaCX Exchange to Return $20M

iHodl earlier reported that BitMEX plans to implement a mandatory KYC (know-your-customer) process for all its users. The newly-updated terms of use will come into force starting on August 28.

According to BitMEX, "all customers will be asked to complete ID checks within the next 6 months."

If you are looking for a crypto trading platform to trade your assets, visit, a safe and reliable exchange.

Read also:
Please describe the error