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Bitstamp Suspends Seven Cryptocurrencies in the U.S. Amid SEC Concerns

 1 year ago
source link: https://cryptomode.com/bitstamp-suspends-seven-cryptocurrencies-in-the-u-s-amid-sec-concerns/
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CryptoMode Bitstamp Altcoin Delisting
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Bitstamp, a renowned cryptocurrency exchange, has announced a pivotal move affecting U.S. traders. Starting from August 29, 2023, the trading of several cryptocurrencies, including Axie Infinity (AXS) and Solana (SOL), will be halted for American users.

An Intriguing Decision by Bitstamp

Bitstamp’s announcement on August 8, 2023, alluded to “recent developments” as the driving force behind this decision. Although they remained discreet about the exact reasons, significant buzz surrounds these tokens. 

The affected tokens include:

  • Axie Infinity (AXS)
  • Chiliz (CHZ)
  • Decentraland (MANA)
  • Polygon (MATIC)
  • Near (NEAR)
  • Sandbox (SAND)
  • Solana (SOL)
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The U.S. Securities and Exchange Commission (SEC) claims these cryptocurrencies might function as unregistered securities. Consequently, this has raised concerns, especially after similar allegations against leading exchanges like Binance and Coinbase.

Bitstamp Issues Directive to its Users

In an official statement, Bitstamp communicated: “For our valued users who wish to execute any buy or sell orders of the impacted assets, we advise doing so before August 29, 2023. Post this deadline, all trading activities related to AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL will be irreversibly disabled on our platform.”

Despite the trading cessation, Bitstamp ensures its users the facility to retain and withdraw these seven tokens whenever they deem fit. It’s essential to note that the SEC‘s allegations remain just that – allegations. The truth of these claims awaits legal scrutiny.

Actions by Other Fintech Giants

Bitstamp isn’t alone in its cautious stance. Other fintech behemoths like Revolut have proactively delisted these tokens for American users. This all stems from the SEC’s ongoing litigation against Binance and Coinbase. Additionally, The Sandbox has introduced mandatory Know Your Customer (KYC) checks for those keen on SAND staking, post these events.

The SEC’s scrutiny isn’t just limited to these seven. They currently suspect that as many as 68 cryptocurrencies might be categorized as securities.

As regulatory bodies like the SEC delve deeper into cryptocurrency, exchanges and fintech companies adapt accordingly. For U.S. traders on Bitstamp, the upcoming days will certainly be ones of transition. All eyes now remain on the legal proceedings, as they will shape the future of these tokens.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.


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