BitMex blocks Japan Residents to trade on their crypto exchange

BitMex has issued a notice on its website that starting 23:00 JST 30th April 2020, users from Japan will not be able to trade or place orders on BitMex platform. If there are any existing open positions, BitMex would not be cancelling them and they will continue in accordance with your contract.

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So why is BitMex imposing these restrictions? It is due to amendment in Japan Financial Instruments and Exchange Act and Japan Payment Services Act effective as of 1 May 2020. This was followed by cabinet order earlier this month.

BitMex naturally wants to work the regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class.

BitMex exchange says it will continue to work with Japanese regulatory authorities to support their aims for Japanese crypto market.

Majority of BitMex’s traffic comes from Korea (10.52%), followed by Russia (6.38%), United Kingdom (6.33%), United States (6.04%) and Germany (4.70%).

Bitmex will restrict access from Japan residents due to the strengthened regulatory enforcement starting in May. Theoretically,  this should also apply to any other derivative exchanges.

A step backwards for the Japanese market and for Bitmex as well.