BitMEX Exchange will exclude residents of the United States and Crimea from the list of authorized users

The Bitcoin derivatives exchange BitMEX updated this week a user agreement, officially prohibiting users from trading in a number of countries, including the USA, Cuba, Syria, North Korea and Sudan. Also on this list were residents of the Canadian province of Quebec, the Crimea and Sevastopol.

As noted by CryptoGlobe, the new agreement has become much longer than the previous version, having increased from 2,800 to almost 5,000 words. In particular, the new sections include updating the company's policy regarding the conditions for access to the platform, as well as the “accuracy and availability” of services. Also added sections on trade commissions, data protection and intellectual property.

Regarding access restrictions, the new agreement states:

“If you are in the United States of America or in the province of Quebec or are their residents, you understand and acknowledge that you are not allowed to hold positions and enter into contracts for BitMEX. If you are or are a resident of Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan, or any other jurisdiction where BitMEX services are limited, you also understand and acknowledge that you are not allowed to hold positions and enter into contracts. ”

In the event of an attempt to hide its true location, the exchange reserves the right to immediately close the accounts of such users and liquidate any open positions.

Another key change in the user agreement concerns the ownership of HDR Global Trading Limited (the parent company BitMEX) of “any work in the field of derivatives” originating from user content. As the company claims, it has the right to use this work "for any purpose, commercial or otherwise."

This implies that BitMEX can use any content that users create on the platform, organize and analyze this information at will, and even sell. At the same time, the company categorically rejects the assumption that it can sell user data to third parties.

The new user agreement BitMEX begins on March 6th.

Recall that BitMEX plans to deactivate trading accounts of clients from the United States and Quebec, was reported back in January. In addition, at the end of last year, the exchange closed the account of Ton Weiss, suggesting that he is a US citizen.

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