In a recent announcement, leading crypto exchange Bitmex launched a dedicated virtual asset service for its users in Hong Kong. This strategic move comes ahead of securing a Virtual Asset Service Provider (VASP) license under the new Hong Kong regulatory regime
Bitmex Hong Kong Takes The Lead
In a significant development, cryptocurrency exchange BitMEX has unveiled a sneak peek of its dedicated Hong Kong service, as the firm braces to apply for a license under the Hong Kong Virtual Asset Service Provider (VASP) regime. The innovative service is set to operate under a transitional arrangement, a strategic move to prepare for the upcoming Hong Kong VASP regime.
The decision to launch BitMEX Hong Kong was stimulated by the evolving regulatory environment in the region. Hong Kong’s Securities and Futures Commission (SFC) has been striving to establish robust standards for digital assets, an initiative that BitMEX fully endorses and supports.
Julia Leung, the CEO of Hong Kong’s Securities and Futures Commission (SFC), has confirmed that the eagerly awaited cryptocurrency licensing regulations are slated for release next month.
Hong Kong, with its sights set on becoming a major player in the crypto landscape, plans to publish definitive guidelines for crypto exchanges intending to initiate operations in the region this month. The Securities and Futures Commission of Hong Kong is set to conduct a press conference on the subject of virtual asset trading platforms tomorrow.
How Hong Kong Users Will Benefit From The Launch?
BitMEX Hong Kong is set to go live from 29 May 2023. This move comes as the exchange prepares to transition to the upcoming Hong Kong Virtual Asset Service Provider (VASP) regime.
According to the announcement, existing BitMEX users domiciled in Hong Kong will no longer be able to access services provided by HDR Global Trading Limited through the existing BitMEX website or API connections, including services available at www.bitmex.com. As of 13:00 HKT on 29 May 2023, all unfilled orders and incomplete quotation or conversion requests will be canceled.
These users will instead be shifted to the affiliated Hong Kong entity, HDR BMEX Limited. The new entity will provide a unique, Hong Kong-only service exclusively through the BitMEX Hong Kong mobile app.
BitMEX assures its users that they can continue to make withdrawals from the BitMEX trading platform before the transition date. Following 29 May 2023, any remaining account balance will be automatically transferred to BitMEX Hong Kong accounts without any deduction or fee. Users who have already completed verification or KYC checks will not be required to go through any additional verification, but they will need to utilize the new BitMEX Hong Kong mobile app to access the services.
To sum it up, the BitMEX Hong Kong app will provide users the convenience of managing their portfolios at their fingertips, anytime, anywhere. The app facilitates instant buying and selling of cryptocurrencies through 11 trading pairs and offers a secure platform to purchase digital assets with more than 30 different currencies.
The application simplifies portfolio management by providing real-time access to wallet balances, transaction history, and deposit and withdrawal details. Moreover, it enables users to stay updated with market trends effortlessly through watchlists and in-depth real-time data.
In a bid to assuage any concerns, BitMEX stated that all user funds will continue to be safe and secured by their industry-leading custody and security practices. The launch of BitMEX Hong Kong demonstrates the exchange’s commitment to adapt to the evolving regulatory landscape and continue to provide top-tier services to its users.
