Ontario Securities Commission vs. BitMEX

The Crypto industry is evolving, and crypto-related companies should adapt if they want to remain in the market. According to the Ontario Securities Commission BitMEX is not registered or recognized in the province. As a reminder, BitMEX is one of the largest Bitcoin trading platforms in the world.

It is worth mentioning that, BitMEX will soon be limiting access to its platform for Canadian investors based in Ontario.

People should take into consideration that Ontario is not alone when it comes to restricting one of the largest Bitcoin trading platforms in the world. According to BitMEX’s terms of service, citizens, and residents of Quebec, do have access to the platform.

BitMEX and authorities

BitMEX made this decision after discussing this topic with the Ontario Securities Commission.

It will restrict access to users in Ontario starting from September 1.

However, BitMEX declined to provide more information about the regulatory status of its operations in Canada. Consequently, it remains unclear whether the exchange is operating legally across the country.

There are other countries as well. This company, as one of the largest Bitcoin trading platforms in the world, can not operate in the Hong Kong Special Administrative Region of the People’s Republic of China. Furthermore, BitMEX can not work in Iran, Syria, Sudan, North Korea, and the Republic of Seychelles.

Last but not least, BitMEX will launch a new user verification program in two days. It means all customers must complete ID checks within the next six months. Hopefully, it will take five minutes to complete this task.

Customers will have to upload a photo ID as well as proof of address. Furthermore, they will answer questions regarding funds and trading experience. People should take into account that a new user verification program is a step forward and thanks to this program, it will be easier to cope with various issues.