The cryptocurrency industry is still growing and evolving across the world. Japan has always been a crucial region , albeit it seems BitMEX will no longer be part of it.
Most cryptocurrency enthusiasts are familiar with BitMEX these days.
Exit BitMEX in Japan
The trading platform has gained a lot of momentum in recent years, albeit it is also met with a lot of criticism.
It now appears that the company will suspend its Japanese operations altogether.
This is a direct result of Japan’s proactive approach to regulating the cryptocurrency industry.
For service providers, this means that they will have to meet additional criteria to provide services and products.
For BitMEX, the additional requirements are seemingly not worth the hassle.
Some may see this as a validation of the recent criticism the platform and its team has received.
Any BitMEX user in Japan will be unable to trade or place orders to open new positions or increase existing positions.
For other derivative service providers, this news may be rather beneficial.
There has been a healthy amount of competition among Bitcoin derivative service providers in the past year.
With BitMEX exiting Japan, it will be interesting to see if other service providers comply with the regulatory measures.