Major cryptocurrency exchange BitMEX is working to increase compliance with European sanctions against Russia by preparing to introduce major sanctions to its Russian users.
BitMEX is changing its restricted jurisdiction policy to be in line with various EU regulatory measures, Cointelegraph has learned.
The BitMEX crypto exchange notified a group of potentially affected users about the upcoming changes via email on Monday.
According to an email seen by Cointelegraph, Russian citizens or residents will no longer be able to access BitMEX services from the European Union after July 11, 2022. This means that such users will not be able to log in to their account or use any of the services. European Union, unless “exceptions apply.”
The new restrictions do not apply to Russian citizens or residents accessing BitMEX services from the European Union who are also residents of the European Union or Switzerland. Dual citizens of the European Union or Switzerland who live outside Russia will also not be affected, the email notes.
“If you are a resident of the European Union or Switzerland or a dual citizen of the European Union or Switzerland and reside outside Russia, you may submit additional information to apply for an exemption and apply for an exemption from the European Union,” the statement said. You can continue to use our services.
The measure targets all types of traders, including individuals trading on behalf of any legal person while using BitMEX from the EU, as well as legal persons established in Russia whose traders are from the EU. use the services.
The announcement does not imply any impact on Russian customers accessing BitMEX services from Russia.
related: Bank of Russia favors domestic trade versus cross-border crypto payments
BitMEX’s latest sanctions against Russians in the European Union came after a wave of major exchanges such as Binance announced sanctions for Russian users. Most of such sanctions came in the first two months after Russian President Vladimir Putin announced a “special military operation” in Ukraine on February 24.