- This is in compliance with the European sanctions against Russia
- BitMEX is amending its restricted jurisdictions policy to be more compliant with the sanctions set by the European Union.
- The motion is set to be in operation as of July 11, 2022.
BitMEX users from Russia will no longer be able to access BitMEX services after the European Union banned its access. The motion is set to be in operation as of July 11, 2022.
BitMEX, in collaboration with the European Union, seeks to enforce major restrictions for Russian users.
This is in compliance with the European sanctions against Russia following the war in Ukraine.
Who will be affected by BitMEX restrictions?
BitMEX is amending its restricted jurisdictions policy to be more compliant with the sanctions set by the European Union. The measures formulated by the Union are aimed at tightening the sanctions on Russia.
The BitMEX crypto exchange notified potentially affected users concerning the upcoming restrictions via email on Monday. Users will not be able to log in to their accounts or access any services from the European Union.
Only exceptional cases will be allowed after confirmation by the regulatory authorities and the crypto exchange. The sanctions, however, do not apply to Russian citizens accessing BitMEX services but are residents in the European Union or Switzerland.
Dual citizens from Switzerland and the European Union who reside in Russia will not be affected. Dual citizens are expected to supply additional information to apply for an exemption permit from the authorities.
The exemption permit will allow dual citizens to continue accessing BitMEX services from the European Union. The restrictions target all types of traders, including those trading on behalf of any legal persons while accessing BitMEX from the European Union.
Legal persons established in Russia but access the services from the European Union will also be affected by the measures. The announcement does not refer to any impact on Russian customers accessing BitMEX services from Russia.
European Union and sanctions
The latest restrictions from BitMEX come after a wave of major crypto exchanges like Binance announced restrictions for Russian users. The majority of the crypto restrictions came in the first two months after the Russian president announced a Special Military Operation in Ukraine on February 24th.
The European Union believes that this will contribute to the closing of potential loopholes in the financial space. The commission has been placing sanctions on the Russian Federation since the commencement of the war in Ukraine.
On March 9th, the European Union extended its definition of transferable securities to include virtual assets such as cryptocurrencies. The commission on April 4th insisted that crypto was already included in the existing asset freezes.
In May, the European Union members agreed to ban the provision of high-value crypto-asset services to Russia. This was part of the package of economic sanctions imposed on the Russian federation.
The European Union also agreed on declining any advisory services on wealth concealing trusts to Russian Oligarchs. The council also extended a prohibition on deposits to crypto wallets.
With the current trajectory in the Ukraine war, is the European Union enabling negative foreign relations or destabilizing the Russian crypto market.
