BitMex Pulls Out of Japan Amid Increasing Regulations

Staff Writer

BitMex , is one of the largest crypto derivative exchanges in the world. However, the company had to announce  (see here) on the 28th of April that it will close its services to Japanese residents due to growing number of regulations.

The closure will begin from the 1st of May and comes amid new regulations from the Japanese government. It’s a big move from Japan and will see a wide range of changes in exchanges to serve the consumer better.

These regulations are focused on any crypto derivative and fund procurement transactions. These new restrictions will be applied in two ways. It will apply to all existing Japanese users, as well as those registering for the first time.

Through this notice, the Cabinet explained that these new restrictions serve as a response to the amendments made by the Japan Financial Instruments and Exchange Act, as well as the Japan Payment Services Act. These two acts will have the relevant amendments come into effect as of the 1st of May, 2020.

 

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