Seychelles-based cryptocurrency exchange, BitMex has placed a ban on Russians within the European Union from accessing its platform. Based on a report, Russians’ access to the services that BitMex provides will now be withheld henceforth.
Users will not be able to log into their account nor perform withdrawals and deposits except authorization is granted. The sanction takes full effect from Monday 11th July.
Citizens with dual citizenship of the European Union or Switzerland are exempted. They are not affected so long as their residence is outside Russia. These users need to submit additional information to establish their exemption.
The sanction comes a few months after the dwindling of the tussle of power between Russia and Ukraine. Tension from the war attracted a couple of sanctions for Russia from Western countries.
FlexPool, an Ethereum (ETH) mining pool, cut ties with its Russian users in the wake of the war. The mining pool believed that constraining Russia from its crypto assets will influence the discontinuation of the war.
Satoshi Labs on its part ceased the shipment and distribution of its Trezor wallet to both Ukraine and Russia. Financial service providers like Mastercard and Visa also halted their operations in Russia.
The European Union forced the world’s biggest exchange Binance to limit its offering to Russia. Currently, BitMex is striving to comply with the same sanctions the European Union laid for Russia. This is what has prompted the restriction on its platform; the exchange plans to fully enforce them.
BitMex Recreates the Restricted Jurisdiction Policy
BitMex insists on changing its restricted jurisdiction policy which now involves other countries as well. The crypto exchange wishes to be fully compliant with various restrictive measures of the European Union as its concerns any country.
In the restricted jurisdiction policy, BitMex services are not available to persons from the United States. It also applies to citizens and residents of Iran, Syria, North Korea, Seychelles, Crimea and many others.
Meanwhile, the exchange had to make some adjustments to accommodate changes in the new phase of its operations. BitMex cut down on its workforce at the beginning of 2022. The global retrenchment affected 25% of its employees. BitMex guaranteed that the affected employees will receive the necessary assistance to go by at the time it made the move.
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