Russian Citizens Banned From Using BitMEX Within EU 

Russian Citizens Banned From Using BitMEX Within EU 

July 6, 2022 0 By Jeanine Sanchez

After the Russia-Ukraine crisis, which took place in February, various international bodies sanctioned Russia. Also, crypto companies and other platforms restricted Russian citizens from using their crypto services.

All these sanctions are to comply with the European restrictions against Russia. According to a report, crypto exchange BitMEX, has enforced regulations for Russian users using its platform.

The company said Russian citizens would not be allowed access to its services from the EU. Furthermore, the new restriction will take effect from the 11th of July, 2022.

BitMEX Places Ban On Russian Users

As stated by Cointelegraph, BitMEX has decided to change its jurisdictions policy. This aims to comply with the restrictive sanctions of the EU following the Russia-Ukraine war.

The crypto exchange sets an email on the 4th of July notifying the affected users. The email noted that Russians could no longer access crypto services on BitMEX. 

As a result, they can no longer sign in to their user accounts. Also, they can not use any crypto services from the EU. 

Meanwhile, the latest restriction will take effect after the 11th of July, 2022. However, some exceptions will still allow Russian citizens to access these services. 

These sanctions will not apply to Russians who are residents in Switzerland or the EU. Also, Russians with dual citizenship in Switzerland or the EU will not face these restrictions.

Exemptions To BitMEX Sanction On Russia

According to the email:

“If you reside in Switzerland or the EU, these restrictions will not affect you. Also, it will not affect those with dual citizenship from Switzerland of the EU. Meanwhile, you will have to send extra details to apply for exemption.”

The sanctions target all Russian traders using the BitMEX crypto exchange. It also includes Russians helping other users to trade.

Additionally, it affects legal users residing in Russia. They cannot access BitMEX services from Russia. Meanwhile, the report did not highlight penalties for any offenders.

Besides, BitMEX restrictions come amid the latest sanctions on Russians by crypto firms. Binance had placed restrictions on Russian users to prevent them from evading actions using crypto.

Most of these restrictions and sanctions came after Vladimir Putin, Russia’s president, attacked Ukraine. However, the country has been working on other means to evade these sanctions.

Recently, the country quickened its work on its CBDC, the digital Ruble. It believes this would allow its institutions to make international payments.

This is due to the ban on Russian entities using SWIFT’s international payment system. However, there are reports that Russia is making progress with its own payment system.