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Cryptocurrency exchange Bitstamp will cease trading of Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL) for customers located in the U.S. starting August 29.
As stated in the announcement on August 8, trading of these seven cryptocurrencies will soon be unavailable for U.S. customers due to “recent developments.” While the company did not clarify the reason for this suspension, all seven tokens are claimed by the U.S. Securities and Exchange Commission to be unregistered securities in its actions against cryptocurrency exchanges Binance and Coinbase. Bitstamp noted:
“We kindly ask our users to swiftly complete any intended buy or sell orders involving the affected assets before August 29, 2023. Following this date, trading activities concerning AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL will be permanently disabled on the Bitstamp platform.”
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Despite the impending trading halt, Bitstamp indicates that users can still retain the seven tokens in their accounts and withdraw them at any time. The SEC’s claims regarding the tokens have not yet been substantiated in a court. However, other financial technology companies, such as Revolut, have voluntarily removed them for U.S. users amid the SEC’s legal actions against Binance and Coinbase. Additionally, The Sandbox has started requiring Know Your Customer verification for SAND staking following this event. The SEC currently asserts that 68 cryptocurrencies are securities.
Established in 2011 and now based in Luxembourg, Bitstamp is recognized as the oldest cryptocurrency exchange globally. The platform provides trading for approximately 30 coins and tokens. In the last 24 hours, around $164 million worth of digital currencies were traded on Bitstamp.
Update for our US users
Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after assessing recent market developments.
Complete any open trades. Holding and withdrawing tokens afterwards will remain unaffected.
More info:…— Bitstamp (@Bitstamp) August 8, 2023
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