Following the restrictions, it's still unclear how they will affect customers primarily located in Russia.
BitMEX, a Seychelles-based crypto exchange founded in 2014, has recently announced that it would be restricting Russian users from accessing the platform in order to increase compliance with the EU restrictions.
According to the email issued to the affected users, Russian residents from the European Union will not be able to use or log into their BitMEX accounts after July 11th. However, it should be noted that Russian citizens who are also residents of the EU or Switzerland will not be affected by the major restrictions.
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The email read that “dual citizens of the EU and Switzerland and reside outside Russia” may “submit additional information to apply for an exemption and continue to access our Services from the EU.”
On top of that, BitMEX noted that it would be restricting access to Russian-established entities, whose traders use the services from the EU. Likewise, Russian business people operating on behalf of officially established Russian organizations will also be affected.
Following Russia’s recent cut from the SWIFT payment system, its ongoing aggression in Ukraine has caused numerous companies to take drastic measures against Russia in order to comply with the current EU restrictions.
Back in April, the largest crypto exchange Binance announced some major changes for Russian users. The firm entered a withdrawal-only mode and restricted all deposits that exceed the 10,000 EUR limit for Russian residents, as well as organizations functioning in the country. Binance mentioned:
“While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions. We believe all other major exchanges must follow the same rules soon.”
Likewise, a few months back, Animoca Brands, a Hong Kong-based video game manufacturer, also cut its ties with the country and stated that it would impose a ban on Russian users and restrict the usage of all its platforms.
On a different note, in May, BitMEX rolled out its new spot exchange where users will be able to purchase, sell and exchange crypto, including Bitcoin (BTC) and Ethereum (ETH).
