Cryptocurrency exchange BitMEX is preparing to apply for a license under Hong Kong's Virtual Asset Service Provider (VASP) regime. In this regard, the exchange announced that it will launch a special service for its clients in Hong Kong as part of a transitional agreement created to prepare for the VASP regime.
The launch of the BitMEX Hong Kong service is prompted by regulatory changes in Hong Kong.
"We fully support the efforts of Hong Kong’s Securities and Futures Commission (SFC) to help establish appropriate standards for digital assets that will underpin the advancement of this rapidly growing asset class," BitMEX said in a statement.
As of May 29, Hong Kong users of the platform will only be able to access services through the BitMEX Hong Kong mobile app. The cryptocurrency exchange will transfer client assets to the service and retain transaction histories. Residents of the jurisdiction will only have access to spot trading and cryptocurrency conversions.
All outstanding orders or conversions will be canceled at 13:00 Hong Kong time on May 29, 2023.
Verified Hong Kong users will not need to undergo any additional verification or KYC to access the new BitMEX Hong Kong mobile app.
The BitMEX Hong Kong app will allow users to easily manage their portfolios whenever and wherever they want: wallet balances, transaction history, deposits and withdrawals will be available in real-time. At the same time, market trends can be monitored with watch lists and detailed real-time data.
Founded in 2013, the BitMEX exchange is a popular platform with extensive cryptocurrency trading capabilities. Innovative analytical tools, flexible interface settings, high leverage and a unique referral program set BitMEX apart from its competitors.
