United States-based crypto traders locked out of Bancore DEX citing regulatory pressure


  • Bancor says their web application will be denied to citizens and IPs from the USA.
  • With the United States out of the picture, Bancor says that innovation will be faster due to regulatory clarity.

One of the leading decentralized cryptocurrency exchanges (DEX), Bancor, has announced that traders domiciled in the United States will no longer have access to the platform. In an official statement sent out on June 18, the Zug form said that the decision has been warranted by increasing regulatory uncertainty in the country’s cryptocurrency laws.

“US citizens, domiciliaries or users from US IPs will no longer be able to use Bancor’s web application, https://www.bancor.network, to convert tokens,” the statement continued “This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem.”

The company said that with the United States out of the picture, innovation and development will be much faster due to regulatory clarity. However, not everybody in the United has been locked out the trading services according to the company’s explanation.

“We would like to clarify that this functionality will be blocked to users accessing the website bancor.network, which offers an interface to blockchain activity. As the Bancor Liquidity Network is a collection of smart contracts on the blockchain and a non-custodial system, we cannot restrict users from accessing the blockchain itself. This cannot be blocked.”

 

 

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