One of the Largest Bitcoin Trading Platforms and Canada

BitMEX is one of the largest Bitcoin trading platforms in the world. Nevertheless, according to the Ontario Securities Commission, it is not registered or recognized in Ontario. It is worth mentioning that, from now on BitMEX is officially restricted to operate in the province. Authorities in Canada made this decision.

Interestingly, Ontario is not the first province to restrict BitMEX. Based on the information taken from BitMEX’s terms of service, citizens, as well as residents of Quebec, do have access to the platform. One of the largest Bitcoin trading platforms will soon be limiting access to its platform for Canadian investors based in Ontario.

BitMEX made this decision after discussing this issue with the Ontario Securities Commission. According to BitMEX, it will be restricting access to users in Ontario starting from September 1. Interestingly, it did not explain why the regulator made this decision.

Canada and cryptocurrencies

People should take into account that BitMEX declined to reveal more details about the regulatory status of its operations in Canada. As a result, it remains unclear whether the exchange is operating legally across the country.

Interestingly, apart from two Canadian provinces, one of the world’s largest Bitcoin trading platforms has to deal with other problems as well. For example, the Hong Kong Special Administrative Region of the People’s Republic of China is another place. Moreover, BitMEX can not operate in Iran, Syria, North Korea, Sudan, the Republic of Seychelles.

BitMEX will launch a new user verification program on August 28. All customers must complete ID checks within the next six months. Hopefully, it is quite easy to complete ID Checks as it will take customers five minutes to complete this task. The customer will have to upload a photo ID and proof of address. Moreover, customers will answer questions regarding funds and trading experiences. Compulsory verification is important as thanks to this step it will be easier to deal with various issues.