Cryptocurrency exchange Bitmex will ban transactions for some users from Russia

Crypto exchange BitMEX has announced the introduction of a number of restrictions for Russian citizens who use the platform’s services while in Europe.

Due to the introduction of a new package of sanctions by the European Union, the BitMEX cryptocurrency platform will ban Russians from using their accounts. The restriction will come into effect on July 11 and will apply to most accounts, regardless of the amount of funds on the account. Only Russian citizens who are residents of the EU or Switzerland or who have dual EU or Swiss citizenship and reside outside the aggressor country will be able to avoid the ban. Surprisingly enough, the restriction will not affect the exchange’s Russian clients based in Russia.

In April, the European Union approved the fifth package of sanctions against Russia over its invasion of Ukraine. Thus, crypto platforms are prohibited from providing access to digital assets to Russians whose deposits exceed € 10,000. Binance (which has repeatedly demonstrated its support for Ukraine) was one of the first to announce restrictions on Russians.