BitMEX has updated Terms of Service, cracking down on unauthorized access

28 Feb, 2019 | Updated: 28 Feb, 2019
by David Borman
BitMEX has updated Terms of Service, cracking down on unauthorized access

It has been reported by CryptoGlobe that crypto derivatives trading platform BitMEX has updated their Terms of Service (ToS) recently with a few key changes some are taking note of. Most prominent being a refinement of the wording concerning prohibited users and wording that seems to allow for the company to sell user's trading data.

Restricting access to some nation's users, such as the United States, Quebec (Canada), Cuba, Iran, Syria, and North Korea, to name a few, isn't new for BitMEX. It explicitly aims to block accounts from any nation where securities trading is prohibited.

Now, the wording has been refined however to clariify that whether someone is "located in or a resident of," one of these nations, then they are prohibited. Basically, it means that if you are a citizen of a prohibited country you are not allowed even if you are currently in an allowed country, and vice versa. Similar wording tweaks are applied throughout to highlight that VPN use to avoid restrictions is similarly banned.

Another interesting change however is in the wording that BitMEX's parent company, HDR, owns all "derivative work," (trading data) generated by its users and can use it for "any purpose, commercial or otherwise." What this boils down to is HDR is saying it can sell your trading data, if it so chooses.

While perhaps not surprising and not illegal, many users may be wary in an age where more and more big companies are collecting and selling their data. Still, it is being honestly admitted to in the ToS, so users are informed and can make educated decisions about using the platform.

Ultimately these changes are not huge revelations for BitMEX, just important tweaks to existing rules. 

Update February 28: Bitmex has released a statement following the news. The trading platform claims it does not sell, trade or offer user data to third parties. BitMEX is aware of the speculation surrounding its updated Terms of Service with regards to organizing and analyzing content on its platform. However, BitMEX would like to stress as well as clarify that it does not, sell, trade, or offer customer data to third parties.

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