BitMEX To Launch Platform Only For Hong Kong User From May 29

Key Points:

• BitMEX announced the launch of BitMEX Hong Kong, a specialized service designed to match the upcoming Hong Kong VASP regime.
• This will take effect at the end of May 2023.
• Further verification or KYC checks will not be needed for verified Hong Kong users.

Leading cryptocurrency exchange, Bitmex, has announced the creation of a specialized virtual asset service for its Hong Kong clientele. This strategic move comes in advance of obtaining a Virtual Asset Service Provider (VASP) license under Hong Kong’s new regulatory environment.

Existing BitMEX customers based in Hong Kong will no longer be able to use HDR Global Trading Limited’s services through the present website or API connections as of May 29, 2023. The unique service will function under a transitional structure in order to prepare for the impending Hong Kong VASP system.

Hong Kong Users will be moved to HDR BMEX Ltd, their associated Hong Kong firm, to enable a smooth transition. They will only get service via the BitMEX Hong Kong mobile app, which is accessible for download, beginning on the specified date.

The \ Hong Kong app has a plethora of options that provide customers with complete control over their portfolios. Users may buy and sell cryptocurrencies instantaneously utilizing 11 trading pairs, as well as purchase cryptocurrencies safely using over 30 currencies.

The developing regulatory climate in the area influenced the decision to start BitMEX Hong Kong. The Securities and Futures Commission (SFC) of Hong Kong has been working hard to develop strong standards for digital assets, a move that the exchange fully embraces and supports.

With the goal of becoming a key participant in the crypto scene, Hong Kong wants to issue comprehensive criteria for crypto exchanges planning to launch operations in the territory this month. Tomorrow, the Hong Kong Securities and Futures Commission will hold a news conference on virtual asset trading platforms.

Existing BitMEX customers in Hong Kong, according to the notification, would no longer be able to access services supplied by HDR Global Trading Ltd through the current website or API connections, including services accessible at www.bitmex.com. Any unfulfilled orders and unfinished quotes or conversion requests will be canceled at 13:00 HKT on May 29, 2023.

Further verification or KYC checks will not be needed for verified Hong Kong users.

The exchange informs its customers that withdrawals from the trading platform will be possible until the transfer date. After May 29, 2023, any leftover account balance will be automatically transferred to BitMEX Hong Kong accounts without deduction or cost. Customers who have previously completed verification or KYC checks will not need to do so again, but they will need to use the new Hong Kong mobile app to use the services.

Hong Kong issued a statement on the regulation of the country’s cryptocurrency industry in October of last year, suggesting that it intends to apply standard financial regulations to crypto exchanges. Christian Hui, Hong Kong’s Secretary for Financial Services and the Treasury said in March that the new system will take effect in June 2023.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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