BitMEX Hong Kong Launch to Comply with New Regulations
Introduction of BitMEX Hong Kong
BitMEX has announced the launch of BitMEX Hong Kong, a dedicated service tailored to comply with the Hong Kong Virtual Asset Service Provider (VASP) regulations. This strategic initiative is set to commence by the end of May 2023, ensuring adherence to the new regulatory landscape.
Transition to New Services
Starting May 29, 2023, users based in Hong Kong will transition from the existing HDR Global Trading Limited services to the newly established HDR BMEX Limited. This transition will be facilitated through the BitMEX Hong Kong mobile app, designed for seamless account management and trading.
Features of the BitMEX Hong Kong App
The BitMEX Hong Kong app empowers users with comprehensive control over their cryptocurrency portfolios. It offers the ability to instantly buy and sell digital assets using 11 trading pairs and supports purchases with over 30 different currencies. The app ensures a user-friendly experience, providing real-time updates on wallet balances, transaction history, deposits, withdrawals, and watchlists.
Account Management Changes
As part of the transition, pending orders, incomplete quotations, or conversion requests will be canceled at 13:00 HKT on May 29, 2023. However, users’ remaining account balances will be transferred to BitMEX Hong Kong accounts without deductions or fees. Verified users will not need to undergo additional verification or KYC checks.
Registration and Compliance
New users from Hong Kong will no longer be able to register on the previous platform. Instead, they must create accounts via the BitMEX Hong Kong app. This change ensures compliance with the new regulations, providing a streamlined process for managing cryptocurrency portfolios.
Conclusion
The launch of BitMEX Hong Kong marks a significant step in aligning with the upcoming regulatory requirements in Hong Kong. By offering a specialized app, BitMEX ensures that users in the region can continue to trade cryptocurrencies efficiently and securely.
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