The SEC and other US regulators have ramped up the heat regarding crypto exchanges in recent weeks. A popular Bitcoin and altcoin exchange has announced that it will no longer operate in the United States. Here are the details…
Bitcoin exchange CoinEx will not operate in the US
Crypto exchange CoinEx will stop serving users in the United States, according to an email received by users. “Due to regulatory requirements, we regret that CoinEx is no longer able to provide services to US citizens or residents,” the email reads. CoinEx has asked US users to withdraw their holdings within 60 business days (before April 24), and said it will “close related accounts gradually” after that time. The company identified US users by their IP addresses.
The stock market was under the lens of the New York Attorney General’s Office
cryptocoin.com As we reported earlier this week, on February 22, CoinEx was indicted by the New York Attorney General’s Office. CoinEx, a Hong Kong-based crypto exchange also known as Vino Global Ltd, has been found to sell cryptocurrencies that U.S. regulators previously defined as securities and/or commodities, according to New York regulators’ statement. The cryptocurrencies mentioned were LUNA, AMP, LBC, and RLY, which CoinEx was able to purchase using a New York-based IP, where it is not a licensed broker.
That’s why the attorney general’s office has requested a ban on CoinEx’s geolocation block and the exchange’s mobile app for New York residents. According to Judge Letitia James, CoinEx’s business practices were putting investors at risk by not properly recording their business. These accusations were intended solely for the company to cease operations in New York. While it’s unclear whether CoinEx faced regulation from federal agencies, today’s decision appears to be a preemptive move to avoid such action.
The trading volume of the stock market fell
CoinEx is one of the most popular exchanges in the world, with 3 million customers in over 200 countries worldwide. Recently, the regulatory challenges faced by these major cryptocurrency platforms have been increasing. Although there is no specific withdrawal order, companies can withdraw from the US market as a precaution. Because they think it is a safer way.
Similar to CoinEx, Nexo withdrew from the US market in December due to regulatory concerns, although no regulatory agency has directly compelled it to do so. CoinEx trading volumes appear to have been impacted by the news. The exchange’s trading volume saw $29 million, down 6 percent from Tuesday’s $35 million. The exchange’s CET token was minimally affected and dropped 4 percent in 24 hours. The coin has declined from $0.42 to $0.0404.
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