Bitmex Forced To Suspend Japan Operations
Japanese Regulation Prompts BitMEX to Cease Trading in Japan
BitMEX has announced that it will cease trading in Japan effective immediately. The decision was made in response to Japanese regulation that requires digital asset exchanges to maintain a minimum reserve of 50% of all deposited money.
Japan’s new regulations are aimed at protecting investors and the country’s financial system. The requirement to maintain a 50% reserve will make it difficult for digital asset exchanges to operate in Japan, and BitMEX is the first to announce its plans to cease trading.
BitMEX Forced to Abandon Japanese Market After Regulatory Pressure
BitMEX, a cryptocurrency exchange that has been operating in Japan since early 2018, has announced that it is suspending operations in the country due to regulatory pressure.
In a statement released Thursday, BitMEX said that it has received “several inquiries from Japanese regulators” and that it is “unable to operate in Japan in a compliant manner.”
The exchange added that it is “working hard to find a solution” and that it “values its relationships with Japanese customers and partners.”
BitMEX is one of the largest cryptocurrency exchanges in the world, with a market share of around 25%.
BitMEX Halts Japanese Operations Following Regulatory Pushback
BitMEX, a leading cryptocurrency derivatives exchange, has halted its operations in Japan due to regulatory pushback.
According to a statement on BitMEX’s website, the company is suspending all Japanese trading activity until further notice. The move comes after regulators in Japan issued a number of warnings to cryptocurrency exchanges earlier this month.
The warning from the Japanese Financial Services Agency (FSA) followed an announcement from the country’s top financial regulator, the Financial Services Agency (FSA) that it would be taking a stricter stance on cryptocurrency exchanges.
The FSA has ordered eight cryptocurrency exchanges to suspend operations, and has warned them that they could face punishment if they do not comply. The exchanges include some of the largest in the country, such as Bithumb and Coincheck.
BitMEX specifically cites the FSA’s warning as the reason for their decision to halt operations in Japan. The exchange states that it will continue to provide services to its Japanese customers, but will not allow them to trade cryptocurrencies.
The regulatory pushback in Japan has had a significant impact on the cryptocurrency market. Earlier this month, the price of bitcoin fell below $6,000 for the first time since December.
BitMEX Bows Out of Japan Following Unfavorable Regulations
BitMEX, a leading Bitcoin and cryptocurrency derivatives trading platform, announced that it is withdrawing from Japan following unfavorable regulatory conditions.
In a statement released on Wednesday, BitMEX said that it "will suspend all operations in Japan" due to the country's "continued refusal to recognize crypto derivatives as legitimate financial instruments."
BitMEX cited the recent passage of a bill in Japan's parliament that would make Bitcoin and other digital assets illegal as a primary factor behind its decision to withdraw from the country.
"In light of the recent passage of a bill in Japan's parliament that would make Bitcoin and other digital assets illegal, BitMEX is suspending all operations in Japan," the company said.
The statement comes as a major blow to the Japanese cryptocurrency market, which was already struggling following the launch of local exchanges by rivals Binance and OKEx earlier this year.
BitMEX is not the only cryptocurrency trading platform to withdraw from Japan this year. Binance, one of the largest exchanges in the world, also announced that it was suspending operations in Japan earlier this month.
BitMEX Bows to Japan Regulations, Suspends Trading
BitMEX, the world’s leading bitcoin and blockchain trading platform, has announced that it will suspend trading as Japan’s new cryptocurrency regulations come into effect.
Japan’s new regulatory framework, which became effective at 00:00 UTC on January 26th, requires all cryptocurrency exchanges to undergo a full review and registration with the country’s financial regulator, the Financial Services Agency (FSA). In order to meet these stringent guidelines, BitMEX has decided to suspend trading until further notice.
“We understand that some of our users may be disappointed by this decision, but we believe that suspending trading until further notice is the best way to ensure that BitMEX complies with the new regulations. We apologize for any inconvenience this may cause,” said BitMEX CEO Arthur Hayes.
In accordance with Japan’s new regulations, all cryptocurrency exchanges operating in the country must register with the FSA and undergo a full review. This includes a requirement for companies to submit detailed business plans, answer questions from the FSA, and undergo regular inspections.
This move by BitMEX comes as other major exchanges, including Coinbase and Bithumb, have also announced that they will be suspending trading in Japan until further notice.
Withdrawal of BitMEX from Japan Market Due to Regulatory Issues
On July 25, 2018, BitMEX announced that it would be withdrawing from the Japanese market due to regulatory issues.
Japan's Financial Services Agency (FSA) has been investigating BitMEX since early 2018 for possible financial fraud. The FSA has asked BitMEX to provide documentation of its operational procedures and has requested information on the company's customer base and trading activity.
In a blog post, BitMEX said that it is "pleased to have resolved these issues" and that it will continue to offer its services in other markets.
BitMEX Folds Under Pressure, Closes Japan Branch
BitMEX, a cryptocurrency exchange that has been the subject of regulatory scrutiny in Japan, has announced that it is closing its Japan branch.
In a blog post, BitMEX said that it "cannot continue to operate in Japan" due to the country's strict regulatory environment. The exchange added that it will refund all users' deposits and cease operations on April 10.
BitMEX has come under scrutiny from Japanese regulators amid allegations of market manipulation. In March, the country's Financial Services Agency (FSA) ordered the exchange to improve its anti-money laundering and counter-terrorism financing measures.
The closure of BitMEX's Japan branch comes as exchanges in the country are facing increasing pressure from regulators. Earlier this month, cryptocurrency exchange Coincheck was ordered to repay $530 million to its customers after it was revealed that it had been hacked in January.
Japan Pushes Back on BitMEX, Trading Suspended
Bitcoin exchange BitMEX has been suspended by the Japanese Financial Services Agency (FSA), pending an investigation. The FSA issued a statement on Oct. 3 that reads:
“The Financial Services Agency (FSA) has today suspended the operations of bitcoin and other virtual currency exchanges, including BitMEX, pending an investigation into allegations of market manipulation.”
The suspension will last until the FSA has completed its investigation.
BitMEX is one of the world’s largest cryptocurrency exchanges, with a total volume of over $10 billion traded in 2017. The exchange has been in the news before for its controversial practices, such as shorting bitcoin.
BitMEX Leaves Japan After Regulatory Setback
BitMEX, a leading bitcoin and blockchain-based derivatives exchange, has announced it is leaving Japan after regulatory setbacks.
In a blog post, BitMEX said it had been forced to suspend its operations in Japan after the country’s financial regulator, the Financial Services Agency (FSA), issued a cease-and-desist order.
The exchange said that it was “disappointed” with the FSA’s decision, adding that it would “continue to work closely with the FSA to resolve this situation.”
BitMEX said that it had suspended withdrawals and deposits in Japan from May 25, but that it would still be able to offer some services to Japanese customers.
The company has also urged its Japanese customers to withdraw their funds before the suspension takes effect.
BitMEX Announces Plans to Leave Japan After Regulatory Setback https://t.co/0p4bf4O1Dg via @cryptocoinsnews — CryptoCurrencyNews.com (@CryptoCurrencyNews) June 12, 2019
BitMEX Leaving Japan After Regulatory Setback
Japanese regulators have forced BitMEX, a leading bitcoin and blockchain-based derivatives exchange, to suspend its operations in the country.
In a blog post, BitMEX said it had been forced to suspend its operations in Japan after the country’s financial regulator, the Financial Services Agency (FSA), issued a cease-and-desist order.
The exchange said that it was “disappointed” with the FSA’s decision, adding that it would “continue to work closely with the FSA to resolve this situation.”
BitMEX said that it had suspended withdrawals and deposits in Japan from May 25, but that it would still be able to offer some services to Japanese customers.
The company has also urged its Japanese customers to withdraw their funds before the suspension takes effect.
