Crypto trading in the US is becoming much more difficult to conduct since the two major US-based crypto exchanges have announced the delisting of multiple cryptocurrencies for the customers in the country. Their decision comes due to the regulatory uncertainty and the big questions which crypto assets will be considered as securities so we read more on how to fix this problem in the altcoin news below.
Binance, for example, announced that starting from September 12 this year, it will prohibit United States customers from trading on the exchange and stated that they even aimed to launch a local exchange Binance U.S. however, it is still unclear what tokens will be available on the new platform. Now, the crypto community is wondering what can be done about the crypto trading in the US problem and there are already some solutions. Some of the solutions include moving the altcoin trading offshore, trading only regulated assets and using decentralized exchanges.
U.S. traders might have to choose the offshore option in order to trade digital assets. Depending on the exchanges this could mean smaller and less liquid exchanges to use. Additionally, the U.S. traders could go to decentralized exchanges such as Binance DEX which is now fully decentralized. Using a VPN on a centralized exchange that has a geoblock on the United States is a risky affair but could be one of the solutions as well. Keep in mind with the latest option that the risk of losing funds is much greater.
At last, U.S. traders with high trading volumes could switch to those crypto assets that have been approved by the United States Securities and Exchange Commission such as Bitcoin and ETH and those coins that have been approved as security tokens. This can reduce the investable portion of the community but it will ensure that no funds would be jeopardized with the upcoming regulation in the states.
As reported in the latest cryptocurrency news, Poloniex crypto exchange also ceased to offer the trading of 9 cryptocurrencies because of regulatory uncertainty. Bittrex also made the same decision. However, Bittrex did not specify that the reason for banning the traders from using the exchange was regulation, we could assume that the reasons are the same.
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