BitMEX Forced to Suspend Japan Operations
Summary
- Cryptocurrency exchange BitMEX forced to suspend Japan operations
Cryptocurrency exchange giant BitMEX is forced to suspend Japan operations as new regulations prohibit operation. This comes as Japan’s Financial Services (FSA) recently released a set of regulations that cryptocurrency exchanges must comply with. As a result, BitMEX will have to suspend operations until it can come in compliance.
The exchange will cease operations on April 30th, one day before the regulations come into effect.
This will mean a user who is a Japan resident registering on the BitMEX platform for the first time will be unable to trade and any existing registered customers who are Japan residents will not be able to place orders that would open a new position or increase an existing open position.
BitMEX
The exchange also stated that they will be working with Japanese regulators to comply with regulations. However, for the time being, Japan operations will shut-down indefinitely.
Cryptocurrency Derivatives
BitMEX has been the long time leader in the crypto derivatives market. BitMEX offers traders Bitcoin and major altcoin futures. However, BitMEX has been unseated by Huobi and OKEx in futures trading volume in 2020 Q1.
That being said, BitMEX still remains one of the largest and oldest crypto derivatives exchange. With the closure, Japanese customers will now have to look for alternatives.
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