As we prepare to apply for a licence under the Hong Kong Virtual Asset Service Provider (VASP) regime, we’re excited to share with our community a preview of BitMEX Hong Kong – a dedicated service that will operate under the transitional arrangement, created in order to prepare for the Hong Kong VASP regime.
Detailed in this update, you’ll also find a breakdown of the upcoming operations and changes surrounding BitMEX Hong Kong, and what these will mean for our users. You’ll also find a FAQ at the bottom, created to answer any other questions that might arise.
For context, the introduction of BitMEX Hong Kong was prompted by the changing regulatory environment 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.
What Does the Launch of BitMEX Hong Kong Mean for Users?
From 29 May 2023, existing BitMEX users who are domiciled in Hong Kong (‘Hong Kong Users’) will not be able to access the services provided by HDR Global Trading Limited through the existing BitMEX website or API connections.
This includes the services available at www.bitmex.com. Any unfilled orders and any incomplete quotation or conversion requests will be cancelled at 13:00 HKT on 29 May 2023.
These Hong Kong Users will be transferred to our affiliated Hong Kong entity, HDR BMEX Limited, with effect from 29 May 2023 which will provide our new, Hong Kong-only service solely through the BitMEX Hong Kong mobile app.
Rest assured that users will continue to be able to make withdrawals from the BitMEX trading platform before 29 May 2023. Thereafter, any remaining account balance will be transferred to BitMEX Hong Kong accounts without any deduction or fee. Verified Hong Kong Users will not be required to complete any additional verification or KYC checks, but will have to use the new BitMEX Hong Kong mobile app to access the services.
All Hong Kong User funds will continue to remain safe, secured by our market leading custody and security practices.
You can read more about what we do at BitMEX to keep your assets safe here.
Furthermore, as of 29 May 2023, the existing BitMEX trading platform will not be accepting any new Hong Kong Users. From that date onwards, Hong Kong Users will only be able to open an account with BitMEX Hong Kong through the dedicated BitMEX Hong Kong mobile app.
What Can I Do on the BitMEX Hong Kong App?
In summary, the app will allow users to manage their portfolio in the palm of their hand, whenever, wherever. Users will be able to buy and sell cryptocurrencies instantly via 11 pairs, as well as purchase cryptocurrency safely with over 30 currencies.
Portfolio management will be a breeze on BitMEX Hong Kong, with wallet balances, transaction history, deposits, and withdrawals available in real time. While market trends can be tracked easily via watchlists and detailed real-time data.
More on the features of BitMEX Hong Kong can be viewed here.
As previously noted, these changes were prompted by the changing regulatory environment in Hong Kong. We look forward to continuing to work with the SFC to support their aims for the Hong Kong market and will continue to keep our Hong Kong Users updated.
Please note that all current, existing Hong Kong users, have been contacted via email to inform them of these upcoming changes.
FAQs for BitMEX Hong Kong
I would like to continue using www.bitmex.com and the BitMEX Mobile App. Can I opt-out of these changes?
Unfortunately, that will not be possible. From 29 May 2023, BitMEX will stop serving all existing Hong Kong Users and will not be accepting any new Hong Kong Users. BitMEX Hong Kong will be the only service available in Hong Kong from that date onwards.
How can I access BitMEX Hong Kong?
BitMEX Hong Kong can only be accessed through the BitMEX Hong Kong mobile app.
No products or services will be accessible on the BitMEX Hong Kong website. The mobile app is currently in testing and will be available on Google Play and the Apple App Store very soon. Please see the BitMEX Hong Kong website here for further information.
Existing BitMEX users will be able to log in to BitMEX Hong Kong using their current login and password credentials.
What services Will BitMEX Hong Kong offer?
BitMEX Hong Kong will offer spot trading and cryptocurrency conversion services similar to BitMEX Spot and BitMEX Convert. All trading pairs and coins currently available on BitMEX Spot and BitMEX Convert will be available on BitMEX Hong Kong.
I am an existing BitMEX user in Hong Kong. What do I need to do and by when?
Hong Kong Users do not need to take any action to effect the transfer of their accounts or funds to BitMEX Hong Kong. This will happen automatically on 29 May 2023 without any deduction or fee. To access the new BitMEX Hong Kong services, however, users will need to download the new BitMEX Hong Kong mobile app. Please see the BitMEX Hong Kong website here for further information.
Note also that any unfilled orders and incomplete conversion requests on the existing BitMEX platform will be cancelled at 13:00 HKT on 29 May 2023. Users can, of course, withdraw their funds and/or cancel or amend any order or conversion request before 29 May 2023 through BitMEX.com as normal.
Why are these changes happening?
Hong Kong is introducing a new licensing regime for VASPs and we need to make these changes to continue providing services to Hong Kong Users during the transitional period before any licence application is approved. We welcome and support these developments.
In the meantime, if you have any questions please contact Support.