The cryptocurrency trading platform Bittrex blocks US Clients from trading 32 cryptos. According to the decision announced on June, 8, users will still be able to store and withdraw all the coins listed on the platform. What could be the reason for this decision?
US-based cryptocurrency exchange Bittrex will no longer allow its US-based clients to trade in 32 different cryptocurrencies after June 21st. The exchange will lose access a slew of coins listed on the exchange, including Quantum (QTUM) and Storj (STORJ). According to the report, an email containing more detailed instructions over the new rules will be sent to all customers before the change goes into effect.
“U.S. Customers will be sent an email communication from Bittrex that provides guidance on what they can and cannot do with their affected Tokens/Coins in connection with this change before an affected market is no longer accessible.”
The announcement came just a day after non-US-based users on another US-based crypto exchange, Poloniex, lost a total of $13 million due to a flash crash in a little-known cryptocurrency, Clams (CLAM).
Assets can stay on the exchange, but can’t be used
In any case, Bittrex users will no longer be able to buy or sell the coins on Bittrex’ blacklist as of June 21nd. Open orders involving these assets will be canceled.
Bittrex suggested in the announcement of the blocking that affected users could sell the blocked coins for assets that will stay available to them or move them off the exchange.
Bittrex did say that the forbidden assets will at least be able to stay on the exchange as long as they are supported by the non-US arms of the exchange:
“U.S. Customers may withdraw or continue to hold in their Bittrex wallet affected Tokens/Coins for as long as Bittrex International supports a market in those Tokens/Coins. Non-U.S. Customers will be able to access those markets that continue to be listed on Bittrex International. “