BitMEX to restrict Japan-based users as crypto law amendments go into effect

Cryptocurrency derivatives exchange BitMEX will soon restrict all Japan-based users from its platform. 

The Seychelles-registered exchange announced on Tuesday that it would restrict Japan residents from registering new accounts starting April 30 and forbid existing users from placing orders starting May 1.

However, existing open positions held by Japan-based users will not be affected, the announcement stated. 

According to BitMEX, the move is to comply with the newly passed amendments to the Japan Financial Instruments and Exchange Act and Japan Payment Services Act, which will go into effect on May 1.  

"We support the efforts of regulators to help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class. We will continue to work with the Japanese regulatory authorities to support their aims for the Japan market and will keep our Japan users updated," the firm said.

The amendments require crypto businesses to register with the regulatory agencies and comply with relevant provisions regarding the management of user transaction records, advertisement, information disclosure, and others.