Gate.io Follows Bittrex And Delists Major Altcoins Such As XRP and EOS For US Clients
- Cryptocurrencies are an emerging asset class which do not yet have a comprehensive regulatory framework to support them.
- The United States is one of the most tightly regulated jurisdictions in the world, and Gate.io (among other exchanges) have begun delisting certain cryptos due to stringent regulatory requirements.
Cryptocurrency Exchanges Have Started Delisting Coins For US-based Investors
One of the biggest foes of the cryptocurrency market has always been regulation. While this does not necessarily need to be a headache, it is most of the time, especially in the U. S. Now, Gate.io, a prominent crypto exchange, has decided to delist some major tokens for U. S. users because of compliance fears.
In order to be protected from the U. S. authorities, the company will stop to offer tokens such as Ripple’s XRP, EOS and Monero (XMR) for users based in the largest economy of the world.
The official announcement affirmed that these tokens will stop to be available for U. S.-based users after June 30. The main reason stated is regulatory uncertainty. Other tokens which will be banned will be CNYX, Tron (TRX), QTUM, NEO, GAS, Waves, XEM and others.
If you are based in the U. S., you should withdraw your tokens as soon as possible. You can see the full list on the official site’s announcement.
The company has emphasized that only investors from the country will suffer from the changes. All the other investors will not need to worry right now, as they will continue to have full access to the tokens.
Company Followed Bittrex’s Decision
Gate.io is far from the first company to follow this route. Bittrex, another prominent exchange, has decided to also delist 23 tokens for U. S. clients. The ban will start on June 21. In the same fashion, people from other countries were not affected.
According to Bittrex, all customers based in the United States will not be able to sell or buy the tokens, even if they hold them on their wallets. All open orders will be canceled at this date, too, so people should check their order book to see if there is something pending.
This is not a good time to be a U. S. crypto investor. Follow our blog for more updates on any other exchange that will delist tokens for U. S. residents.