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What is the difference between an "Exchange/Platform" and "Self-custody"?

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Exchange/Platform refers to an account where a third party such as a cryptocurrency exchange or custodian holds and manages the private keys on your behalf. Examples include Binance, OKX, and Coinbase.

Self-custody refers to software or hardware that enables you to store and transfer virtual assets while you control or hold the private keys. These are also known as non-custodial or private wallets. Examples include Ledger, Trust Wallet, MetaMask, and Phantom.

When completing a BitMEX withdrawal, you must specify which type of wallet the funds are being sent to in order to satisfy Travel Rule requirements. Selecting the correct wallet type ensures that BitMEX can fulfil its regulatory obligations and that your withdrawal is processed without unnecessary delays. If you are unsure which type applies, check whether the destination address belongs to a platform or whether you or the beneficiary control the private keys directly.

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Access to trading or holding positions on BitMEX is prohibited for any person or entity that is located, incorporated or otherwise established in, or a citizen or a resident of: (i) the United States of America, Québec (Canada), the Hong Kong Special Administrative Region of the People’s Republic of China, the Republic of Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea or Sudan; (ii) any state, country or other jurisdiction that is embargoed by the United States of America; or (iii) any other jurisdiction where the services offered by BitMEX are restricted (collectively “Restricted Jurisdictions”). If it is determined that any BitMEX user has given false representations as to their location, incorporation, establishment, citizenship or residence, or HDR detects a user is from a Restricted Jurisdiction as described above, HDR reserves the right to immediately close their accounts and liquidate any open positions. HDR may, in its sole discretion, implement controls to restrict access to the BitMEX trading platform in any of the Restricted Jurisdictions.