Cryptocurrency Exchange

BitMEX active trading platforms for bitcoin shuts down

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As per a recent report, BitMEX, one of the largest and most lively interchange platforms for bitcoin, is soon shutting down from North American marketplaces for cryptocurrency. The decision came abruptly, and the move was achieved before users achieved to remove their reserves, producing them to lose millions in the procedure.

According to a report by South China Morning Post it was stated that the BitMEX exchange platform, which eases interchange for stocks agreements knotted to bitcoin, has been closed accounts out of the Canada’s Quebec region and BitMEX “BitMEX’s move to bar Quebec traders comes after the province’s financial regulator, the Autorité des marchés financiers (AMF), sent a letter to the exchange in early 2018 requesting it to close each and every accounts related to Quebecois, stating that the exchange was not authorized to offer trading services,” the report said. BitMEX is the largest market for bitcoin, as per the data provided by CoinMarketCap. However, a spokesman for BitMEX did not reply to an appeal for the remark. Yet, the crypto exchange saw nearly to a dollar’s worth of cryptocurrency trade hands on its location for more than last 24-hours, as per the CoinMarketCap. The SMCP article states that central activities lacking back in contradiction of the companies processes in the U.S. BitMEX has been presently offering cryptocurrency unlimited and futures contracts, as well as the leveraged trading rule of which is presently being discussed within the country, as CT Japan further notes.

The BitOcean deal notably comes in parallel to plans for Madison Labs’ majority acquisition by the parent company of major crypto trading platform BitMEX. According to a report from Hong Kong English-language newspaper South China Morning Post (SCMP) on Dec. 26, HDR Cadenza Management — a subsidiary of BitMEX owner HDR Global Trading — is considering acquiring a 51 percent stake of Madison Labs, at a cost of $17.14 million.

As the crypto exchange formally do not offer service to the US depositors, they were known to go a sightless eye to persons that originate their method to the BitMEX. Though, things may be beginning to modify, as the crypto apparently began dismissing users traders’ accounts. One such report came from well-known depositor Tone Vays.

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