Bitstamp Halts Trading of AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

Bitstamp to Suspend Trading of Seven Cryptocurrencies for US Customers

Crypto exchange Bitstamp has announced that it will suspend trading of seven cryptocurrencies for customers residing in the US. The affected tokens are Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL). The suspension will begin on August 29 and is attributed to “recent developments,” although the specific reason was not mentioned.

Key Points:
– Bitstamp will halt trading of AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL for US customers starting August 29.
– The suspension is due to “recent developments,” but the exact reason is not provided.
– Users are advised to execute any desired buy or sell orders involving the affected assets before the deadline.
– After August 29, trading activities related to the seven tokens will be permanently disabled on the Bitstamp platform.
– Users can still hold the tokens in their accounts and withdraw them at any time.

Bitstamp, founded in 2011, is the world’s oldest cryptocurrency exchange, offering around 30 coins and tokens for trading. Despite the SEC’s allegations, the tokens have not yet been proven to be unregistered securities in a court of law. However, other fintech firms, including Revolut, have voluntarily delisted them for US residents in light of the SEC’s litigation against Binance and Coinbase.

Hot Take:

Bitstamp’s decision to suspend trading of several tokens for US customers is likely a precautionary measure in response to the SEC’s ongoing crackdown on unregistered securities. This move aligns with other fintech firms’ actions, highlighting the regulatory challenges faced by crypto exchanges and the need for greater clarity in the industry. As the SEC’s allegations against these tokens have not been proven in court, it remains to be seen how this legal battle will unfold and its impact on the wider cryptocurrency market.