BitMex, one of the world’s biggest crypto derivatives exchanges, is executing the new regulation orders and closing its services to all Japanese traders.
BitMex, one of the world’s biggest crypto derivatives exchanges, announced on April 28 that it will close services to Japan residents starting May 1 amid new Japanese regulations.
Earlier this month, the Japanese Cabinet decided in the Cabinet Order to establish regulations on any crypto derivative and fund procurement transactions. The notice explained that:
“The restrictions are in response to the amendments to the Japan Financial Instruments and Exchange Act and Japan Payment Services Act effective as of 1 May 2020.”
All traders will be affected
The restriction will apply to both existing Japanese users and those registering for the first time. Japanese traders will no longer be able to place orders on BitMex until further notice. The notice explained that:
“Japan residents will not be able to place orders that would open a new position or increase an existing open position. Open positions will otherwise not be affected and will continue in accordance with the terms of the relevant contract.”
As Cointelegraph reported previously, The PSA and FIEA were two of the pieces of legislation passed by the Japanese House of Representatives last year. These changes would be enforced on the first day of next month.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.