Russians Become Reluctant Holders As BitMEX Complies With EU Sanctions

Russian citizens or residents will no longer be able to access BitMEX services from the European Union after July 11, 2022.

Russians are becoming reluctant holders

Significant cryptocurrency exchange by preparing to impose significant restrictions on its Russian users, BitMEX is attempting to strengthen compliance with the European sanctions against Russia. BitMEX is altering its policy regarding prohibited jurisdictions in order to comply with the different restrictive restrictions adopted by the European Union.

On July 4, the BitMEX cryptocurrency exchange sent an email to a list of users who would be impacted informing them of the impending changes. After July 11, 2022, residents of or nationals of Russia will no longer be able to access BitMEX services from the European Union, according to an email received by Cointelegraph. In other words, unless a “exception applies,” these users won’t be able to access any services from the European Union or log into their accounts.

Russian nationals or residents who utilize BitMEX services from the EU and who are also residents of the EU or Switzerland are not subject to the new limitations. The email further states that dual citizens of the EU or Switzerland who reside outside of Russia would not be impacted.

“If you are a resident in the EU or Switzerland or a dual citizen of the EU or Switzerland and reside outside Russia, you may submit additional information to apply for an exemption and continue to access our Services from the EU,” 

The statement said

The policy targets all types of traders, including those who use BitMEX on behalf of other legal entities while doing so from the EU, as well as Russian-based legal entities whose traders use the EU to access BitMEX.

The notice makes no mention of any effects on Russian users of BitMEX who access such services from Russia.

BitMEX’s latest restrictions against Russians in the EU arrived after a wave of major exchanges like Binance announced restrictions for Russian users. The majority of such restrictions came in the first two months after Russian President Vladimir Putin announced the “special military operation” in Ukraine on Feb. 24.

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