Bancor platform stops servicing traders from the USA

Bancor Decentralized Exchange has announced that it will soon stop providing services for US residents. In a statement, the company notes that it is forced to take this step due to the uncertainty surrounding the regulation of cryptocurrency in this country.

New rules will come into force on Monday, July 8th.

Beginning July 8, 2019 (09:00 AM EST) Bancor's web application, https://t.co/p15kzfbPrE , to convert tokens. Users can still access, hold, and transfer tokens. Read more here: https://t.co/5M7YYeF9gh

– Bancor (@Bancor) June 18, 2019

“US citizens, persons registered in this country, as well as users with US IP will no longer be able to use the Bancor web application to exchange tokens. This decision was made in the light of increased regulatory uncertainty, and we believe that this is the most prudent decision for our ecosystem, ”says Bancor.

Also, representatives of the company noted that this step will help it to accelerate the development of innovation and conduct more understandable activities.

As noted, customers who have been identified as US citizens will not be able to trade on Bancor even if they are located outside the country. At the same time, residents of other countries that ended up in the United States will still have access to the platform.

The forthcoming restrictions, however, do not mean that American users will not have access to the Bancor blockchain.

“Bancor Liquidity Network is a collection of smart contracts and a non-custodial system, and therefore we cannot restrict access to the blockchain itself. It’s impossible to block, ”the companies added.

Recall that in May, the cryptocurrency exchange Poloniex introduced restrictions on the sale of nine tokens for US residents, while its parent company Circle announced a reduction in staff . As then stated in Circle, these changes are a response to new market conditions, in particular, to the tightening of the regulatory climate in the United States.

Already in June, Bittrex announced the closure of access to trading by a number of tokens for US citizens.

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