key takeaways
- Crypto exchange BitMEX will no longer offer its services to Russian citizens or residents located in the European Union.
- Russians based in Russia will likely not be affected by the changes.
- The sanctions are being implemented by the company to comply with EU sanctions against Russia over the war in Ukraine.
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BitMEX will stop offering its services to Russian citizens or residents operating out of the European Union, the exchange informed some of its users yesterday. The move is an attempt by the exchange to stay in line with the EU’s restrictive measures.
Termination of service due to EU sanctions
BitMEX is cracking down on its Russian users.
As of July 11, BitMEX will no longer offer its services to Russian citizens or currently residents of the European Union, according to an email sent by the crypto exchange to some of its users yesterday. These users will not be able to log in to their accounts or use the Platform in any way.
The sanctions will not apply against Russian citizens or residents who are EU or Swiss residents, or against dual nationals. The email encouraged such users to submit additional information in order to continue accessing BitMEX services.
Russian trade sanctions on behalf of legal entities otherwise located in the EU were involved, as were entities established by Russia whose traders use BitMEX from the EU.
Russian users accessing the exchange from Russia were not mentioned in the statement and likely will not be affected by the changes.
BitMEX reported crypto briefing That the company was updating its restricted jurisdiction policy to comply with various EU restrictive measures. It claimed that the email was sent only to a “small group of potentially affected users”.
The European Union and the United States have responded to Russia’s invasion of Ukraine with sharp economic sanctions, including banning the country from the SWIFT banking system. In April, there was also provision of “high-value crypto asset services” to Russia. Forbidden To close “potential loopholes” in previous sanctions.
BitMEX is not the only one to comply with EU regulations. Leading Cryptocurrency Exchange Binance Is Already Seriously Limited Its services for Russian users, who can now simply withdraw their funds from the exchange.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
