Japan’s Latest Crypto Law Amendment Cuts BitMEX Service off Clients

Japan’s Latest Crypto Law Amendment Cuts BitMEX Service off Clients

One of the highest-volume cryptocurrency exchanges is looking to ban all Japanese traders from using its service. The decision comes after the Financial Services Agency of Japan (FSA) published a series of amendments to its laws and regulations that detail how exchanges should function.

On Tuesday, the Seychelles-registered exchange reported that it will prevent Japanese users from opening new accounts beginning April 30 and ban current users from making trades effective May 1.

Current open positions placed by users based in Japan would not be disrupted however, the release confirmed.

BitMEX states the transition will come into force on 30 April, before the amendments get to be a law on 1 May.

“This would mean that a user who is a resident of Japan signing for the first time on the BitMEX website would not be able to trade and any existing active users who are residents of Japan would not be able to place orders that would start a new position or increase an existing open position.”

The exchange works with regulators to decide whether they will adhere to strict regulations and that it will ensure their clients kept up to date in Japan.

As said by BitMEX, the transition will be to adhere to the recently enacted amendments to the Japan Financial Instruments and Exchange Act and the Japan Payment Services Act, that will come into force on May 1.

The amendments mandate crypto-businesses to enroll with regulatory authorities and adhere to applicable requirements on client activity records management, marketing, disclosure of information, among others.

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.