Bitunix Restricted Countries

Bitunix Restricted Countries

Bitunix does not explicitly list restricted jurisdictions in its User Agreement. Instead, the platform outlines in Section 1.2 that users must ensure compliance with the laws and regulations of their own country or region before accessing its services.

The company reserves the right to suspend or terminate accounts in jurisdictions where cryptocurrency trading or derivatives are prohibited. Users are advised to review applicable local laws and consult platform updates or support for clarity regarding access restrictions.

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Bitunix Supported Countries

Bitunix is a global cryptocurrency exchange that operates without mandatory Know Your Customer (KYC) procedures, allowing users from all countries to access its services. 

This includes regions often restricted by other exchanges, such as the USA, China, the UK, Canada, Hong Kong, Singapore, and Japan. 

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Bitunix KYC Requirements

Bitunix offers a flexible KYC (Know Your Customer) policy, with optional verification at the KYC0 level, allowing users to withdraw up to $500,000 USDT daily without identity checks. 

Higher withdrawal limits require additional KYC tiers:

• KYC0 (No Verification): Up to $500,000 USDT daily.
• KYC Tier 1: Up to $2,000,000 USDT daily.
• KYC Tier 2 (Advanced): Up to $5,000,000 USDT daily.

KYC verification involves submitting a government-issued ID, proof of address, and a photo holding the ID with a written note. Advanced verification adds details like residential address and additional documentation. 

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Bitunix Licenses and Regulation

Bitunix operates as an international cryptocurrency exchange and has obtained key licenses to ensure compliance and build user trust:

• United States (MSB License): Acquired in December 2022 from FinCEN, this license allows Bitunix to offer money transmission and currency exchange services in the U.S.
• Canada (MSB License): Secured in January 2024 from FINTRAC, enabling cryptocurrency trading and fiat exchange services for Canadian users.
• Philippines (VASP License): Obtained in February 2024, this license permits Bitunix to legally provide virtual asset services in the Philippines.

These licenses highlight Bitunix’s commitment to regulatory compliance and user security. The company continues to pursue additional licenses in other regions to expand its global reach.

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Is Bitunix Safe?

Bitunix employs strong security measures, including partnerships with custody provider Cobo, insurance coverage via Nemean Services, and a CER cybersecurity score of 78%. 

While these efforts enhance user safety, the platform operates in a regulatory grey area and lacks licensing in many regions where it offers services.The no-KYC option, while convenient, means Bitunix does not fully comply with global AML/KYC regulations. This raises transparency and compliance concerns. 

Users should approach with caution, particularly in jurisdictions with strict cryptocurrency laws.

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About Bitunix

Bitunix, founded in 2021 and headquartered in Saint Vincent and the Grenadines, is a global cryptocurrency derivatives exchange co-founded by Arron Lee. The platform offers over 230 trading pairs, supports up to 125x leverage, and maintains a 1:1 reserve ratio. 

With a 24-hour trading volume of approximately $3.8 billion, it provides 24/7 multilingual customer support and user-friendly mobile and web platforms.

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Bottom Line

Bitunix provides global access, including in regions often restricted by other exchanges, thanks to its no-KYC policy.

However, it operates in a regulatory grey area and lacks licensing in many jurisdictions. Users should double check local laws and consider the platform's compliance risks before engaging with its services.