BitMEX Clarified Access Restrictions …

BitMEX Clarified Access Restrictions …

BitMEX Clarifies Platform Access Restrictions in New Rules

Crypto derivatives exchange BitMEX has revised the rules for using its service, adding and clarifying some points concerning, in particular, commissions, intellectual property, the consequences of actions on the platform and access to it from certain regions. Section size has grown from 2,800 words to 5,000 words. The new version of the rules comes into force on March 6.

Noteworthy is the clause regarding the parent company BitMEX HDR’s rights to “any work made from user material.” BitMEX has previously stated that it can use such data whenever it deems necessary. Now the wording is: “Such a derivative work can be used for any purpose, commercial or otherwise.” Thus, BitMEX clarifies that it can not only analyze or manage trading data, but also sell it..

The tightening of the situation in the cryptocurrency sector, caused by pressure from American regulators, apparently forced the company to take more seriously the issue of selecting users whom it admits to its platform. Although BitMEX insists that it restricted access to US traders back in 2015, statements from US users themselves suggest otherwise..

One of the most high-profile incidents in this context was the blocking of the popular trader Ton Weiss in November 2018, who, together with his account, lost more than 900 referrals. Weiss tried to insist that he is a US citizen, but his status as a resident, as indicated in the BitMEX rules, is questionable, since he spends about 30 days a year at home..

BitMEX Clarified Access Restrictions ...

BitMEX has taken Weiss’ comments into account in the revised rules, which now prohibit both residents and citizens of certain jurisdictions from trading on the exchange. In addition to the United States, these include Quebec, Crimea, Cuba, Iran, Syria, North Korea and Sudan..

The exchange does not specifically mention the ban on the use of VPN services, but, as before, “reserves the right to immediately close any account and liquidate all open positions if it decides that a trader has provided incorrect information about his location or place of residence.” This section also contains information on the inadmissibility of using false information about citizenship.

BitMEX Clarified Access Restrictions ...

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