Cryptocurrency exchange, Bitmex has announced a new restriction of its services to Russian citizens or residents located in the European Union (EU). This move is geared to align the company with the current restrictive measures being enforced by the EU as part of their effort in showing their support against Russia’s invasion of Ukraine.

The company sent an email yesterday to all users announcing that effective July 11, they will not be offering their service to any Russian citizens or residents currently in any country within the European Union.

Any user or customer that finds themselves in that description will not be able to log into his/her account or use the platform from the stated date. Russians located in the European Union that are trading on behalf of legally recognized entities and other traders on behalf of Russian entities that access Bitmex from the European Union were included in the restriction.

However, Russian users accessing the cryptocurrency exchange platform from Russia will likely not be affected by the restriction. The email encouraged such Russians to send some additional information to continue having access to the Bitmex platform.

Bitmex claimed that the email was sent to a micro-group of people who could be potentially affected by the restriction. They said the mail was in direct compliance with various new EU restrictive orders and that they were also updating their Restricted Jurisdictions Policy to stay abreast of the current legal-economic situation as regards the war.

Bitmex is not the only company following these restrictive measures as Binance had already limited its service to Russia. Russian users on Binance cannot partake in any financial activities except withdrawal of their funds on the exchange.

Featured image source: Medium

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