The Seychelles Financial Services Authority issued a public notice that HDR Global Trading Limited, trading as BitMEX Exchange, is closing and winding up its virtual asset business in or from Seychelles after voluntarily electing to cease operations and withdraw its licence application under the Virtual Asset Service Providers Act, 2024. Its authorization as a transitional entity ceased on 23 July 2026, and its remaining activity is limited to an orderly wind-up, including returning user assets and closing open positions. The company had applied for a licence on 18 December 2024 and had been allowed to continue providing virtual asset exchange services while that application was under review under the Act's transitional provisions. From the date of the notice, it may not onboard new clients, and existing users may make new deposits or enter new virtual asset transactions only where needed for the orderly winding down of exchange services. An Authority-approved winding-down plan requires the company to cease exchange operations by 23 September 2026 and continue engaging with users to return all client assets and funds. Any continued provision of exchange services in or from Seychelles after that date would constitute unlicensed activity under the VASP Act. Clients were advised to close open positions and withdraw their funds as soon as reasonably practicable. The company must keep support mechanisms available throughout the winding-down period while completing the return of client-held virtual assets.

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