Bitstamp to suspend trading of major altcoins for US users

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Cryptocurrency alternate Bitstamp will droop buying and selling of Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Close to (NEAR), Sandbox (SAND) and Solana (SOL) for purchasers residing in america starting Aug. 29.

In keeping with the Aug. 8 announcement, buying and selling of the seven aforementioned cryptocurrencies will quickly develop into unavailable for buying and selling for U.S. clients as a result of “current developments.” Whereas the agency didn’t specify the rationale for his or her suspension, all seven tokens are alleged by the U.S. Securities and Change Fee (SEC) to be unregistered securities in its complaints towards cryptocurrency exchanges Binance and Coinbase. Bitstamp wrote: 

“We kindly request our customers to promptly execute any desired purchase or promote orders involving the affected belongings earlier than August 29, 2023. After this deadline, buying and selling actions associated to AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL will probably be completely disabled on the Bitstamp platform.”

Though buying and selling will quickly be halted, Bitstamp says customers can nonetheless maintain the seven tokens of their accounts and withdraw them at any time. The SEC’s allegations towards the tokens haven’t but been confirmed in a courtroom of regulation. Nonetheless, different fintech companies, akin to Revolut, have voluntarily delisted them for U.S. residents amid the SEC litigation towards Binance and Coinbase. The Sandbox has additionally begun mandating Know Your Buyer verification for SAND staking after the occasion. The SEC at present alleges that 68 cryptocurrencies are securities. 

Based in 2011 and now headquartered in Luxembourg, Bitstamp is at present the world’s oldest cryptocurrency alternate. The platform presents round 30 cash and tokens for buying and selling. Roughly $164 million price of digital currencies have been traded on Bitstamp prior to now 24 hours.

Journal: DeFi faces stress take a look at, DoJ fears run on Binance, Hong Kong’s crypto buying and selling