Cryptocurrency exchange BitMEX will stop offering services to Ontario (Canada) residents due to restrictions mandated by the Ontario Securities Commission.
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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.
According to BitMEX, "all customers will be asked to complete ID checks within the next 6 months."
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