Major cryptocurrency exchange BitMEX declared that it'll limit access to its platform in Seychelles, Hong Kong and Bermuda.

Per an announcement revealed on August. 19, so as to make sure the security of funds and also the stability of the exchange, the firm restricted access from countries during which the offices and staff of its parent company — HDR global trading limited — reside. BitMex additionally claims that this is often a proactive measure and noted, “This modification will don't have any monetary impact on the business and can affect only a few individuals.”

Part of a broader initiative

BitMEX noted that closing trading within the aforesaid jurisdictions as a part of a wider effort to bring transparency to the crypto area because it becomes additional regulated. The exchange reportedly intends to enhance the transparency of its systems and show third parties the reasoning behind features of the platform.

BitMEX additionally claims to be acting on independent audits of its insurance fund, market-making activities, and tradeable contract structure. The exchange reportedly hopes to share the results of these audits within the near future.

BitMEX is that the second-largest cryptocurrency exchange with a rumored 24-hour trade volume of over $2.5 billion, per Top Market Cap.

As Top Market Group reported in June, BitMEX’s competitor Binance DEX, the decentralized exchange developed by major cryptocurrency exchange Binance, blocked internet interface access to users primarily based in 29 countries.

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