Bittrex has introduced new restrictions for US traders. The exchange will delist a total of 74 coins, which will no longer be tradeable in America.
Bittrex is not lagging behind. In early June, Altcoin Buzz reported that the exchange is planning to cut off access to 32 tokens. These include, among others, adToken, ION, Blockparty.
Now, it has emerged that Bittrex has decided to expand the list. On June 28th, American traders will no longer be able to exchange coins, like OmiseGO, Edgeless, Crypto.com.
The exchange notes that after the change dates “our systems will automatically cancel all open (i.e, unexecuted) orders in the affected markets for U.S. Customers.” However, it also notes that U.S. customers will be able to “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.”
Why the change?
It is clear as a bell that the exchanges are targeting the U.S. audience lately. One of the crypto sources suggests that there is a reason behind this sudden endeavor to limit token catalogs to U.S. customers. It has to do with the upcoming launch of FB’s coin, which will most likely entail the issuance of clearer regulations from the U.S. Security and Exchange Commission (SEC). In other words, the SEC, given the magnitude of the project, will have to provide a more comprehensive set of rules for the players involved.
Ultimately, this means that there will be a stronger filter for crypto projects. Those who do not meet the SEC’s criteria will be off the American market. That said, it will be peculiar to see which coins will be available on the Binance’s upcoming U.S. crypto platform. The choice of coins might shed light about the SEC’s stance toward the crypto realm, which is still vague.
In a recent interview, Jay Clayton, chairman of the SEC, once again brought up the topic of crypto vs securities. He said that there are different projects out there but before a major development like an ETF takes place, there are things which the SEC needs to get comfortable with. The latter include custody, stock/bond differentiation and other.