Bitstamp to suspend trading of major altcoins for US users

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Cryptocurrency trade 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 within the U.S. starting August 29.

Based on the Aug. 8 announcement, buying and selling of the seven aforementioned cryptocurrencies will quickly turn into unavailable for buying and selling for U.S. clients on account of “current developments.” Whereas the agency didn’t specify the explanation for his or her suspension, all seven tokens are alleged by the U.S. Securities and Trade Fee 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 property earlier than August 29, 2023. After this deadline, buying and selling actions associated to AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL will likely 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 anytime. The SEC’s allegations towards the tokens haven’t but been confirmed in a court docket of legislation. Nonetheless, different fintech companies, akin to Revolut, have voluntarily delisted them for U.S. residents amidst the SEC litigation towards Binance and Coinbase. The Sandbox had additionally begun mandating Know Your Customer 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 trade. The platform affords round 30 cash and tokens for buying and selling. Roughly $164 million value of digital currencies had been traded on Bitstamp previously 24 hours.

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