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- Ben Armstrong urges the Uniswap trademark owner to address the concerns.
- Uniswap users can engage in trading with BEN tokens via contract addresses.
The largest decentralized cryptocurrency exchange, Uniswap, has restricted the trading of several memecoins and derivative cryptocurrencies, unbeknownst to its users. It has been over three days since the platform prohibited the new meme coin Ben (BEN), which generated considerable buzz on “CryptoTwitter.”
Nonetheless, users can still access the token’s smart contract through its “contract address” for regular transactions. Only the DEX website interface (front end) prevents users from executing trades.
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Uniswap’s Prohibition on BEN
Many speculate that Uniswap enforces this block list to mitigate potential legal issues in the United States. Specifically, the Securities and Exchange Commission (SEC) has consistently taken legal action against various cryptocurrency initiatives. Thus, it is logical that the DEX imposes a stringent ban on derivative tokens associated with the US stock market.
Ben Armstrong, the figure behind the “BitBoy Crypto” channel and a prominent advocate for the BEN coin, suggests he may assume control from ben.eth, the original creator of the project. The well-known YouTuber claims that Uniswap has ceased allowing users to trade BEN due to issues related to the logo and ticker.
Additionally, the $BEN token is facing considerable obstacles; multiple projects have replicated its logo, and Ben Armstrong has unveiled a new logo. Despite the presence of numerous fraudulent Twitter accounts spamming the crypto token, BEN has consistently drawn significant investor interest.
Moreover, the promotion of Ben Armstrong to BEN has garnered substantial attention in the cryptocurrency market. Initial investors were rewarded with over a 5,000% gain in just one day. However, the BEN community is actively working with Uniswap to resolve the issues. Armstrong is urging the trademark holder, “OUTFiT7,” to address the concerns and support the new logo instead of the placeholder.
