Bitcoin exchange restricts access in Bermuda

A cryptocurrency derivatives exchange has added Bermuda to its list of places where local customers are not allowed to access or use its services.

BitMEX has put the island, along with Seychelles and Hong Kong, on its list of restricted jurisdictions. The list also includes the US, Canadian province Québec, and a number of other countries. The company said it had taken the decision as a proactive move to ensure continued compliance of its bitcoin mercantile exchange platform.

BitMEX is owned and operated by Seychelles-headquartered HDR Global Trading Ltd.

In a statement, the company said the cryptocurrency landscape has changed and companies such as BitMEX are working with regulators to create standards “that will help it go mainstream”.

It said it believes fervently in the goals of regulators, adding “we understand that nothing is more sacred than the safety of your funds and the stability of the platform”.

It said: “For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located.

“Seychelles, Hong Kong and Bermuda will be added to the list of jurisdictions already restricted from access to BitMEX. This change will have no financial impact on the business and will affect very few people. The BitMEX team will be reaching out to those who are affected.”

In Bermuda, HDR Capital Limited and HDR Global Services (Bermuda) Ltd are registered companies.

In its statement, BitMEX said: “We believe success in the cryptocurrency space lies in the ability to think long-term, not short-term. And in that long-term view, we believe this course of action affords us the best opportunity to engage regulators in deep, thoughtful, and productive explorations of the risks and opportunities present in the cryptocurrency market.”

BitMEX will be among technology companies at the five-day Bermuda Tech Week in October.

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Published Aug 21, 2019 at 8:00 am (Updated Aug 20, 2019 at 8:53 pm)

Bitcoin exchange restricts access in Bermuda

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