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BitMEX Adjusts Service for Hong Hong Users Ahead of New Crypto Regime

Finance Magnates

Cryptocoins News / Finance Magnates 64 Views

The cryptocurrency derivatives exchange, BitMEX from May 29, 2023, will end its Hong Kong-based users’ access to its website and application programming interface (API) connections as provided by HDR Global Trading Limited, the operator of BitMEX. In its place, BitMEX said it will automatically transfer the users’ accounts to its new Hong Kong entity, HDR BMEX Limited.

BitMEX to Launch Mobile App in Hong Kong

As a result, after May 29, the crypto exchange’s platform will only be accessible to users in Hong Kong through a mobile app dedicated to the jurisdiction. In other words, new Hong Hong users will not be accepted by the existing platform.

BitMEX announced the new development on Monday, noting that users’ account balances not withdrawn before the deadline will be transferred to the new entity. However, the exchange pointed out that the new mobile app is still under testing and will be available “very soon.”

“Verified Hong Kong Users will not be required to complete any additional verification or KYC checks, but will have to use the new BitMEX Hong Kong mobile app to access the services,” BitMEX said. “All Hong Kong user funds will continue to remain safe, secured by our market leading custody and security practices.”

BitMEX Prepares for Hong Kong’s New Crypto Regime

According to BitMEX, the change in its operation in Hong Kong is in preparation for the upcoming virtual asset service provider (VASP) regime in Hong Kong. Additionally, the move is part of the exchange’s plan “to continue providing services to Hong Kong Users during the transitional period before any licence application is approved.”

In October last year, Hong Kong published a statement on the regulation of the country's cryptocurrency market, indicating that it wants to introduce traditional finance laws to crypto exchanges. In March, Christian Hui, the Secretary for Financial Services and the Treasury in Hong Kong disclosed that the new regime should come into effect in June 2023.

On top of that, Christian revealed that more than 80 foreign and Mainland China crypto companies, including crypto exchanges and blockchain infrastructure providers, had expressed an interest in establishing a branch in Hong Kong and obtaining local licenses. He added that 23 of those firms were already working to build their local presence in the Chinese special administrative region.

“We fully support the efforts of Hong Kong’s Securities and Futures Commission (SFC) to help establish appropriate standards for digital assets that will underpin the advancement of this rapidly growing asset class,” BitMEX noted.

Meanwhile, while experts believe that Hong Kong’s new crypto regulations present several opportunities to the digital asset industry, they also come with some risks, including the potential for increased market volatility.

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This article was written by Solomon Oladipupo at www.financemagnates.com.
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