The news that the world’s largest crypto exchange by trading volume, Binance, has curtailed services to US customers, shocked the crypto community yesterday. Today is Bittrex’s turn and has announced that certain markets will no longer be accessible to US customers.

Crypto assets move to Bittrex International

In an email to its users and an official announcement on its website, Bittrex, headquartered in Seattle, Washington, announced that it would be making major market availability changes for US customers on June 28, the international platform.

Altcoin markets are closing in for US customers.

The exchange added that US customers will receive an additional email letting them know what they can and cannot do with their affected tokens. After the affected change date, US customers will not be able to buy and sell any of these tokens.

All open orders will be canceled on the modification date, but users can still withdraw or keep the tokens in their Bittrex wallets as long as they are still supported by Bittrex International. Non-US customers can still trade all affected tokens. The message added;

“Like other industry participants, we will continue to advocate laws and regulations that encourage innovation.”

In the FAQ section below, the announcement stated that certain markets will no longer be accessible to US customers and that they will have access to a more limited number of markets than non-US customers on Bittrex International.

Bittrex stated that wallets and custody for US users will remain a “reasonable time after the market is removed.” There was a vague answer to the question; “Is Bittrex leaving the US?” Which indicated that the company was slowly shifting its main activities to its international platform.

The cryptosphere is still surging from yesterday’s announcement by Binance to launch a US-based exchange with a limited number of tokens. U.S. regulators have put constant pressure on the industry, which has led to drastic measures by crypto exchanges that end up punishing U.S. citizens by limiting their options.

Neither Binance nor Bittrex want to lose the huge slice of the trade pie that the US is, but they have to play with volatile regulators and strict guidelines. Binance has decided to work with the FinCEN-registered company BAM Trading Services to open a US-compliant exchange there.

Market reaction

A number of the lower cap altcoins mentioned on the Binance list affected the announcement a bit, but in general, crypto markets have risen today, boosted by Bitcoin, which broke the resistance and hit $ 8,700 again.

Image from Shutterstock

LEAVE A REPLY

Please enter your comment!
Please enter your name here