BitMEX, the cryptocurrency exchange and derivative trading platform, has announced the launch of a mobile app exclusively for its Hong Kong user base as a response to the evolving regulatory landscape in the region. The app will comply with the regulatory standards set by the Securities and Futures Commission (SFC) while providing an improved trading experience for the crypto community. Effective May 29, 2023, Hong Kong users will no longer have access to BitMEX’s services through the existing website and API connections. Existing users will be transferred to BitMEX’s affiliated entity in Hong Kong through the BitMEX Hong Kong mobile app, which will be the exclusive platform for them moving forward. The app also features portfolio management, various trading options, real-time access to account information, and watchlists, enabling users to track market trends with ease. There will be no deductions or fees for the transition, and existing verified users are not required to undergo other verification or KYC checks. To access the new services, users only need to download the BitMEX Hong Kong mobile app.
Hong Kong has been closely monitoring the growth of the crypto industry and shaping the regulatory landscape for cryptocurrencies. In 2019, the SFC introduced a comprehensive regulatory framework known as the “Opt-in Regulatory Sandbox,” allowing qualified virtual asset trading platforms to opt into a licensing framework that ensures compliance with anti-money laundering and know-your-customer regulations. This approach aims at fostering a safe and transparent ecosystem for crypto trading within the region. Hong Kong also began testing its central bank digital currency (CBDC) called e-HKD with 16 banks and payment processors participating in the pilot project to examine its effectiveness and usefulness. Meanwhile, the global crypto market has experienced a mix of bulls and bears in the past weeks, with a market value sitting above $1 trillion.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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