BitMEX banned Russian citizens and residents from accessing the exchange within the EU

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Key Takeaways:

  • Russian citizens or residents will no longer be able to access BitMEX services from the European Union after July 11, 2022. 
  • This announcement does not represent the impact on Russian customers accessing BitMEX providers from Russia. 
  •  According to the announcement, dual EU or Swiss citizens residing outside Russia will also remain unaffected.

Cryptocurrency exchange BitMEX is preparing to impose greater restrictions on Russian customers and is working to improve compliance with European sanctions against Russia. BitMEX is changing its restricted jurisdiction in line with a number of restrictions imposed by the European Union. 

 The new restrictions do not apply to Russian citizens or residents accessing BitMEX services from the EU, who are also residents of the EU or Switzerland. According to the email, dual EU or Swiss citizens residing outside Russia are also unaffected. 

“If you are a resident  of the EU or Switzerland, or a dual EU or Swiss citizen living outside Russia, you can submit additional information to apply for a tax exemption and continue to have access to services from the EU.”

This announcement does not represent the impact on Russian customers accessing BitMEX services from Russia. This bill covers all types of traders, including individuals who act on behalf of  legal entities when accessing BitMEX from the EU, and legal entities established in Russia where traders access  services from the EU

BitMEX’s latest restrictions on Russians in the EU came after a wave of major exchanges like Binance announced restrictions on Russian users. Most of these restrictions occurred in the first two months after Russian President Vladimir Putin announced a “special military operation” in Ukraine on February 24. 

 Binance has notified users that Russian citizens, residents and businesses with cryptocurrencies worth more than € 10,000 ($ 10,900) will be banned from  new deposits or transactions. Binance added that 4,444 accounts of users connecting to Russia who have completed address verification and have a cipher of less than $ 10,000 are still active.

Netizens are definitely not happy about the entire “banning situation”, given that exchanges are gradually withdrawing from the Russian Federation is probably not a good sign.

Many Twitter users believe that this step   violates the law of the crypto realm, @m_abhishekkumar states that the basic purpose of cryptocurrency  is to be open for all whereas @ Pannavej199 Crypto is a humanity project, not a political issue. 

The words of @fablord really sums it all, the  true essence of  Crypto is to be borderless and open to everyone.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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