After Binance’s announcement on June 14, 2019, that its U.S. customers will no longer be able to trade on Binance.com starting from September 12, 2019, Bittrex, a U.S. based blockchain trading platform is towing the same line as the Malta-based exchange. In a report on June 14, 2019, Bittrex said certain markets will no longer be available to users in the U.S.
Per the report, certain markets on Bittrex will no longer be available to customers in the U.S starting from June 28. These markets will be moved to Bitrex international, an exchange that serves non-U.S. citizens. As a result, customers in the affected jurisdiction will be unable to buy or sell in these markets even though they will still be able to withdraw or hold these assets on their Bittrex wallet.
In the same vein, trades that are still open on the said date will be automatically closed. Nevertheless, an email will be sent to U.S. Customers in order to inform them “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.”
A look at the cryptocurrencies which will become inaccessible to people in the U.S shows 42 of them. Some of these are OmiseGO (OMG), AdEx (ADX), Power Ledger (POWR), Aragon (ANT), BnkToTheFuture (BFT), BANKEX (BKX), Nxt (NXT), Bloom (BLT), and Bancor (BNT).
It is, however, worthy to note that these altcoins have dropped in price since the announcement and their fall can either be attributed to it or the sudden surge in Bitcoin’s price which has led to their huge sell in order to take advantage of the move in Bitcoin’s price.
Binance, on the other hand, had also announced that U.S citizens will no longer be able to trade on Binance.com because it wants to comply with global regulations and ensure the security of the platform. On June 14, 2019, it also revealed its partnership with BAM Trading Services Inc. in a bid to launch a crypto trading platform specifically for people in the U.S.
Therefore, the move by both cryptocurrency exchanges can be said to be tied to stringent policies from financial regulators in the area. It can be recalled that in January this year, the Securities and Exchange Commission revealed that cryptocurrencies will be its priority for 2019.