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Bancor Refuses Service to Residents of the USA

The dex-platform Bancor has announced the close of the access to their services for US citizens. The cryptoexchange explained that the decision was made due to the ambiguity of the local regulator’s requirements.

https://twitter.com/Bancor/status/1140990178066096128

“Converting tokens using Bancor’s web application (https://www.bancor.network) will no longer be available for users with IP addresses from the United States or US citizens or domiciliaries. In light of increased regulatory uncertainty, we believe that restricting US-based users from executing conversions via our web interface is the most judicious decision for all members of Bancor's ecosystem at this time,” the blog post reads.

It continues:

“This will enable the Bancor community and ecosystem to innovate faster and with greater clarity.”

It is also noted that the clients who have been identified as US citizens will not be able to trade even if they are outside the country. And at the same time, the citizens of other countries

The upcoming restrictions, however, don’t mean that US citizens will be completely prevented from the Bancor blockchain.

“As the Bancor Liquidity Network is a collection of smart contracts on the blockchain, and a non-custodial system, we cannot restrict users from accessing the blockchain itself. This cannot be blocked.”

We recall that USA users can’t trade at the cryptoexchange Poloniex in 9 currencies. The restriction didn’t concern citizens from other countries.