American crypto traders have had a tough go of things lately, with a plethora of crypto exchanges pulling out from the country of banning American users. Bancor has become the next crypto exchange to pull out from the country, with the DEX chopping US based customers from the platform. Bancor cited ambiguous crypto and blockchain regulations for its decision, an excuse other exchanges have also given.
Just the Exchange is Missing
Thankfully, it’s just the Bancor.network that Americans won’t be able to access. It’s a bit of a pain, but there are still other crypto exchanges that operate in the US for now at least. Users of the Bancor Liquidity Platform in the US will still be able to access it thanks to the fact its decentralized – meaning no government can block it.
A Possible Political Move?
The SEC has been heavily criticized for the way it is handling crypto and blockchain regulation and the Senate has also come under heavy fire. Back in January, we warned that if Washington is to become a blockchain player, it needs to stop fighting it and start embracing it. However, politicians on both sides of the aisle are both remarkably against this new technology, with just a handful of pro-blockchain and crypto candidates. As other exchanges have made the same move, it could be akin to a massive industry walkout on the US to force its hand into finally regulating the industry with more clarity.
Bittrex Leading the Way
Last week, Bittrex delisted 32 tokens from US markets without any prior notice or reasoning. Little did we know that it would mark the beginning of a mass exodus from the US markets, with big names pulling out. Just days later, Binance pulled its US markets, but then backtracked slightly and launched a special exchange just for US customers – Binance US. If we see this trend continue, more and more international exchanges could cut ties with the US in protest over its regulation policies.
Bancor customers have July 8th to get their crypto to a safe destination before all US based accounts and IP addresses will be blocked. There is no telling when Bancor will reopen to the US markets, but it will probably consider the move if the US puts some form of regulation into place. With just a matter of months before the US elections kick off, pro-crypto candidates will be licking their lips at this fantastic opportunity to scoop up the angry crypto trader vote.