Bitstamp to Suspend Trading of Seven Altcoins for US Customers
Bitstamp, a Luxembourg-based crypto exchange, will be suspending the trading of seven major altcoins for its US customers starting August 29, 2023. The affected cryptocurrencies include Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL). After the specified date, trading with these altcoins will no longer be possible.
Key Points:
– Trading of Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL) will be halted for US customers of Bitstamp starting August 29, 2023.
– Users can still keep these assets in their accounts and withdraw them as desired.
– The decision follows recent allegations by the SEC that these seven tokens are unregistered securities.
– Several other fintech firms, such as Revolut, have also voluntarily delisted these tokens for US residents following the SEC’s litigation.
– Bitstamp aims to use new funds for launching derivatives trading in Europe, expanding into Asian markets, and enhancing operations in the UK.
Bitstamp’s decision to suspend trading of these seven altcoins for its US customers is in response to the SEC’s allegations of these tokens being unregistered securities. While this may impact US customers, Bitstamp will continue to expand globally and seek funds for future plans. This move reflects the regulatory challenges faced by crypto exchanges and highlights the need for compliance in the evolving crypto landscape.
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