The first of May was the first of a new normal for crypto traders in Japan. In the wake of new regulations authorized by the Japanese government, BitMEX closed nearly all services to the nation’s residents. The international derivatives exchange announced that existing contracts would be honored, but users would not be allowed to open new positions. Japan codified the regulations via amendments to the Japan Financial Instruments and Exchange Act and Japan Payment Services Act.
BitMEX released a statement on its blog on April 28, 2020, expressing support for all regulations that “help establish standards for cryptocurrency products that will underpin the advancement of this rapidly growing asset class.” In this particular case, it appears said support fell short of compliance.