BitMEX Discounts Services For Three Countries Due To CFTC Probe

BitMEX discounts services in three countries where it actually has offices during the CFTC probe and we find out more about it in the latest cryptocurrency news today.

BitMEX stated in a statement that they had issued limited access to users that reside in the Seychelles, Bermuda and Hong Kong and the company stated that it had decided to go ahead with the decision to make sure there is continued compliance. BitMEX explained that it was restricting access to the bitcoin derivatives and exchange services in regions that hosted the headquarters and staffs.

Bermuda, Hong Kong, and Seychelles will be added to the list of jurisdiction already restricted from accessing the platform and according to the statement of BitMEX we can read that:

 “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.’’

After the announcement, the services of the exchange will not be unavailable for the citizens of eleven regions which also include Canada, Cuba, Crimea, Iran, North Korea, and Sudan. BitMEX discounts the services and banned the users to access the exchange one month after the founder of the exchange and CEO Arthur Hayes debated the renowned economist and skeptic Nouriel Roubini. The debate saw Roubini accusing the BitMEX CEO of running a total scam under the name of BitMEX. He also noted that the exchange officials participated in a line of illegal activities which include insider trading. Roubini:

‘’The guy is a thug that is a public danger to thousands of small clueless investors who have lost their shirt because of his scam. BitMEX should be prosecuted for fraud and banned fully.’’

The debate didn’t end well for the exchange in many ways. The exchange founded itself during a fresh controversy later when Bloomberg reported that the US Commodity Futures Trading Commission began investigating the exchange for illegally offering crypto derivatives services to the US citizens but then BitEX denied the accusations stating that it does not comment on ‘’any media reports about inquiries or investigations by government agencies or regulators.’’ Many traders believed that BitMEX is trying to impress the regulators by keeping local citizens away from the risks of the leveraged bitcoin trading services or simply that the exchange is trying to prove the executives not to trade on the platform. Nevertheless, the services remained geo-blocked which means that the users in the banned regions can still access them without the private network services as noted n the coming altcoin news reports.