BitMEX, a major cryptocurrency exchange, is working to improve compliance with European sanctions against Russia. It’s preparing to impose severe restrictions on its Russian users.
Cointelegraph learned that BitMEX has changed its restricted jurisdiction policy to comply with restrictive measures by the European Union.
BitMEX sent an email to a group of users potentially affected by the changes on July 4, informing them via email.
Cointelegraph has seen an email stating that Russian residents or citizens will not be able access BitMEX services in the EU after July 11, 2022. This means that these users won’t be able log in to their account or access any EU services unless an “exception” applies.
These restrictions will not apply to Russian citizens and residents who access BitMEX services via the EU, but are also EU residents. The email notes that dual citizens of Switzerland or the EU who are not residents in Russia will not be affected.
The statement stated that “if you are a citizen of the EU, Switzerland, or a dual citizen of these countries and you reside outside Russia you may submit additional information in order to apply for an exemption to continue accessing our Services from the EU.”
All traders are affected by the measure, even those trading on behalf or for any legal person. They can access BitMEX from EU while also legal persons established in Russia whose traders can access the services via EU.
This announcement does not have any effect on Russian customers who access BitMEX services from Russia.
Related: Bank of Russia supports cross-border crypto payments over domestic trade
BitMEX’s new restrictions against Russians within the EU came a few months after major exchanges such as Binance had announced restrictions for Russian users. Most of these restrictions were implemented within the first two months following the announcement by Vladimir Putin, Russian President, that a “special military operation” was being conducted in Ukraine.