According to a representative of the Ontario Securities Commission (OSC), BitMEX holds no formal approval of any kind to conduct operations within Ontario. OSC went as far as stating that the prominent crypto derivatives exchange has not made any effort to register or be recognized in any shape or form within its area.
This statement came right after BitMEX’s announcement that it will be restricting Ontario users from utilizing the platform starting September 1st.
Although BitMEX mentioned that its decision was driven by the constraints applied to it by the OSC, it has declined to reveal further information regarding the actual regulatory status of operations within Canada and the precise reason why it went ahead with it. This enforces people’s notion that the exchange may indeed be operating in the country without any legal permit.
Notably, this isn’t the first time BitMEX decided to restrict its operation on a particular Canadian province. In the early days of last year, the crypto trading firm purportedly shut down all Quebec trading accounts in simultaneous decision to ban all traders within the United States. That being said, BitMEX denied this and stated that it had restricted all US traders as far back as 2015, not just last year.
Taking a look at its official website, people can see that BitMEX has also recently barred traders from many other countries. This includes Hong Kong, Bermuda, Seychelles, Iran, Syria, and many more.