In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

In this edition of The Daily, Bitmex has updated its Terms of Service. The revised rules prohibit residents of certain countries, including the U.S., from trading digital assets on the platform. Also, the native token of the leading crypto exchange Binance, BNB, has hit a record price against BTC. And in Malta, companies from the crypto industry are facing limited access to banking services.

Also read: Coinhive Closedown, Eos Heist, Crypto Entrepreneur Arrested

Bitmex Bans Traders From Multiple Jurisdictions

Digital asset exchange Bitmex has updated its Terms of Service this week introducing significant changes to the agreement. Users from a number of countries, including the United States, Cuba, Syria, North Korea, and Sudan won’t have access to its services in the future. The restrictions also apply to residents of the Canadian province of Quebec as well as traders from the Autonomous Republic of Crimea and the Federal City of Sevastopol in the Russian Federation.

The Seychelles-based operator of the platform, HDR Global Trading Limited, has informed all such residents that holding open positions and entering into new contracts on Bitmex from their respective jurisdictions is not allowed. The exchange also reserves the right to immediately close the accounts of such clients and liquidate any positions they may have opened.

The new agreement is noticeably longer than the old version, with added texts regarding the platform’s access conditions and the accuracy and availability of service, Cryptoglobe reported. Other new provisions concern trading fees as well as the protection of data and intellectual property. The upcoming ban for residents of the U.S. and Quebec was announced in January of this year. The updated terms of service will come into effect on March 6.

Binance Coin Hits Record High Against BTC

Binance coin (BNB), the native token of the largest crypto exchange by daily trading volume, has set a new record against bitcoin core (BTC). At approximately 17:55 UTC on Friday, March 1, its price reached 0.00299880 BTC and a high of $11.61 in fiat.

BNB’s market cap now stands at $1.58 billion. The previous record high for its price against BTC was registered on Feb. 11 this year. The crypto reached its all-time high against the U.S. dollar on Jan. 12, 2018 when it was trading for almost $25. The latest spike comes after the company announced a program for traders willing to test its new decentralized trading platform.

Crypto Companies Struggle to Open Bank Accounts in Malta

Malta’s crypto-friendly regulatory framework has attracted dozens of businesses from the crypto and blockchain industry to the island. However, according to a new report, many of these companies are experiencing difficulties when they try to open accounts with local banks.

Sources from service providers, legal firms and finance companies, quoted by the Times of Malta, claim that banks have been declining to work with these entities stating this business is outside their “risk appetite.”

The Parliamentary Secretary for Financial Services, Silvio Schembri, told the publication he is currently holding talks with different banks and other stakeholders in an effort to resolve the issue and improve the understanding of the industry. The official noted that banks are often waiting for crypto operators to obtain a license from the Malta Financial Services Authority (MFSA) before opening the doors for them.

No less than 28 applications for registration under Malta’s Virtual Financial Assets Act have been filed with the MFSA since the end of November. The regulator plans to issue its first licenses by the end of this quarter.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.