Cryptocurrency trading platform BitMEX recently announced it would no longer accept users from the Canadian province of Quebec. Residents of this territory who registered before June 30, 2018 can access their accounts and withdraw their earnings by the end of September this year. The ban does not affect other Canadian provinces – so far.
If you want to use the platform in Quebec, just sign up for a virtual private network like Nord, which will conceal your real IP address. It will show the site that you’re from another area of Canada, or even another country if you want it to!
Investors from Quebec are also no longer allowed to deposit funds or open new positions on BitMEX. According to insiders, this is not likely to affect the rest of Canada because certain regulations apply only in Quebec. For example, some contests and lotteries are allowed everywhere in Canada except Quebec.
BitMEX Bans Worldwide
BitMEX is also banned in the United States, Iran, Cuba, Syria, Crimea and Sevastopol, Sudan, and North Korea. Possibilities afforded by VPN aside, please be aware that giving false representations as to your place of residence or location confers the right upon BitMEX to close your accounts at once and liquidate any positions that may be open. It is doubtful that you will be allowed or able to withdraw any account balance thereafter.
Earlier this year, a spokesperson of the Canadian government announced that the legal status of entities “dealing in virtual currency” will now be altered to that of Money Services Businesses (MSBs). This measure is being taken out of money laundering concerns and as a way to protect Canada from terrorist financing activities.
Canada is a pioneer in this field – few other countries have stated how they plan on regulating cryptocurrency businesses, if at all. Cryptocurrency trade platforms will have to meet an additional set of compliance and reporting requirements. Canadian MSBs are establishments that handle money, but do not have official bank status. Among these are money transfer services and foreign exchange services.
All MSBs will be required to register with the Financial Transactions and Reports Analysis Centre of Canada. Companies registered at the Centre are required to report and notify of suspicious transactions and any large cash or electronic transactions.
According to data of the International Monetary Fund, Canada is among the most financially stable countries in the world. It was also one of the only countries that were able to avoid bank shutdowns during the global economic downturn 10 years ago.