BitMex cryptoexchange shuts down cryptotrading accounts in the US and Quebec

BitMex cryptoexchange shuts down cryptotrading accounts in the US and Quebec
Jan 15, 2019 by Rico Wise

Despite the fact that BitMex is one of the most dominant BTC cryptotrading networks on the globe, currently accounting for 928 billion USD of profit, the platform is concerned regarding the effect of the tightened laws for cryptoexchange in North America.

Presently, BitMex is shutting down the trading accounts in the said regions due to the doubling down on unregistered cryptoexchanges. The cryptotrading platform is at the moment based outside of Hong Kong, and it is famous for renting the costliest office property in the middle of the Asian financial hub.

It seems that BitMex is not just restricting itself before the hard times ahead, it is also making sure it is safe from hard, informing and protecting its customers from the current policymaking initiatives.

BitMex is retracting from North America, because due to the Canadian AMF authority, the cryptoexchange is doing business in Canada unlawfully. This is because BitMex has not been licensed by the AMF, thus having no authorization to engage in any business on the territory of Quebec.

Even though this is the reason for ceasing the cryptotrading activity all over Quebec, there have been no details provided regarding the cause of the same cessation taking place in the United States. Some of the assumptions lead to believe that the decision was taken due to the fact that America is also doubling down on cryptotrading businesses in the country.