According to a notice shared by a crypto enthusiast on Twitter, Bitcoin trading platform, BitMEX is closing the accounts of Quebec residents that doesn’t include other provinces of Canada. There is no clarification for the same, though a thread on Bitcointalk.org does talk about the change in the regulations in Canada a potential reason.
A notice surfaces
According to a notice that has surfaced online, the Bitcoin-based virtual trading platform, BitMEX is closing the accounts of the residents of the Quebec and the users that are located in Quebec. According to the notice, the users won’t be able to either deposit funds or open new positions on the trading platform.
A crypto enthusiast ฿it฿it posted the notice on Twitter.
BitMex is closing Quebec residents accounts, get ready rest of Canadians. pic.twitter.com/3Khn62iB4P
— ฿it฿it (@BitBitCrypto) June 29, 2018
BitMEX will block the “Affected Users” who are the Quebec residents, however, those that have registered before June 30 will be able to access their accounts and withdraw their funds by September 30. Quebec is one of the thirteen territories of Canada which is also the second most populous province after Ontario.
This notice is particularly for the Quebec province only and not for entire Canada as pointed out by ฿it฿it, “It’s an email they sent to Quebec residents. Not all Canada.”
Another user RostonBigBags clarified:
“I don’t see this affecting the rest of Canada. I just seen something else recently that cut Quebec off as well. And as Canadians we know they do things differently, just like contests and lottery that is not permitted in Quebec but elsewhere in Canada.”
Ben, a Twitter user also commented: “Not up to date on Canadian regulation but Quebec does its own thing all the time. I am not worrying.”
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BitMEX is prohibited in a number of locations
A lot of people are trying to understand this but the intent is not clear yet. However, the terms of service of BitMEX on its official website do talks about the restricted areas including Quebec,
“BitMEX is prohibited for any person that is located in or a resident of the United States of America, Québec (Canada), Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the services offered by BitMEX are restricted. If it is determined that any BitMEX trading participant has given false representations as to their location or place of residence, BitMEX reserves the right to close any of their accounts immediately and to liquidate any open positions.”
A conversation in Bitcointalk.org is also mulling the reasons for the same but as for now, no explanation seems to be there for the decision.
However, not everyone seems to receive it as a crypto user Francois Perreault commented, “I am from quebec and haven’t received anything yet.” So, the authenticity of the notice is not certified completely.
BitMEX hasn’t posted anything official regarding this matter as well. So, it is yet to be seen if BitMEX is really going to shut things down in Quebec and if they are the what’s the reason behind the same.
What are your views on this issues and the reason behind it? Share your thoughts with us!
Written by Sagar Saxena @ https://coingape.com/bitmex-closing-accounts-of-quebec-residents/ June 30, 2018 Sagar Saxena