- BitMEX launches BitMEX Hong Kong to comply with upcoming regulations by May 2023.
- Starting May 29, 2023, Hong Kong-based BitMEX users lose access to current services.
- Users will transition to BitMEX Hong Kong app for seamless account management and trading.
BitMEX recently announced the launch of BitMEX Hong Kong, a specialized service designed to comply with the upcoming Hong Kong Virtual Asset Service Provider (VASP) regulations. The service is set to commence by the end of May 2023.
Starting on May 29, 2023, users of BitMEX who are based in Hong Kong will no longer be able to access the services provided by HDR Global Trading Limited through the existing website or API connections.
To facilitate a smooth transition, users from Hong Kong will be transferred to HDR BMEX Limited, the affiliated entity in Hong Kong. Starting from the specified date, these users will exclusively receive services through the BitMEX Hong Kong mobile app, which can be downloaded for use.
The BitMEX Hong Kong app offers a wide range of features that empower users to have full control over their portfolios. Users can easily and instantly buy and sell cryptocurrencies using 11 trading pairs. Additionally, they can securely purchase cryptocurrencies with more than 30 currencies.
As a result, any pending orders, incomplete quotations, or conversion requests will be canceled at 13:00 HKT on May 29, 2023. The remaining account balance will be transferred to BitMEX Hong Kong accounts without any deductions or fees.
Additionally, verified users from Hong Kong will not be subjected to additional verification or KYC checks.
Experts are advising to note that starting from May 29, 2023, the current trading platform will no longer accept new users from Hong Kong. Instead, individuals from Hong Kong can only register an account through the dedicated BitMEX Hong Kong mobile app.
Meanwhile, managing portfolios on BitMEX Hong Kong will be convenient, as it provides real-time updates on wallet balances, transaction history, deposits, withdrawals, and watchlists.
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Source: https://coinedition.com/bitmex-launches-bitmex-hong-kong-complying-with-regulations/