Bitstamp Halts Trading of Multiple Cryptos in US Citing Regulations

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The oldest cryptocurrency exchange Bitstamp is suspending
the trading of multiple tokens on its platform for users in the US.
In a statement issued yesterday (Tuesday), the exchange said without specifying the details that the decision was
due to the recent developments in the US market.</p><p>Beginning August 29,
Bistamp will suspend the trading of Axie Infinity (AXS), Decentraland (MANA),
Chiliz (CHZ), Sandbox (SAND), and Solana (SOL) for the users in the US.
However, the affected users can still hold or dispose of the tokens, the
company said.</p><p>Holding the Tokens</p><p>"This means that as
of August 29, 2023, new orders involving these assets will be disabled, and all
existing orders across all these trading pairs will be cancelled," the
crypto <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> explained. "However, we want to emphasize that you will
still be able to hold these assets within your Bitstamp account and withdraw
them any time."</p><p>Thus, the
Luxembourg-based cryptocurrency exchange has urged users to execute any buy or
sell orders before the deadline. According to Wednesday's announcement, after
the deadline, the trading activities for the suspended tokens will be disabled.</p><p>Bitstamp, Robinhood,
eToro</p><p>Bitstamp's step to
suspend the tokens arrived when several companies were halting some of their
crypto operations in the US due to regulatory concerns. <a href="https://www.financemagnates.com/cryptocurrency/sec-charges-binance-ceo-over-illegal-exchanges-commingling-of-client-fund/" target="_blank" rel="follow">Finance
Magnates</a> reported in
June that Robinhood was <a href="https://www.financemagnates.com/cryptocurrency/robinhood-delists-tokens-native-to-cardano-solana-and-polygon/" target="_blank" rel="follow">delisting
the tokens</a> native to
the <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a> networks Cardano, Solana, and Polygon.</p><p>Similarly, in June, the
social trading platform eToro delisted Algorand (ALGO), Decentraland (MANA), Dash
(DASH), and Polygon (MATIC). This decision was made by the company after the Securities and Exchange Commission (SEC) defined such tokens as securities in the recent lawsuits against Binance
and Coinbase.</p><p>The
US Securities and Exchange Commission (SEC) sued <a href="https://www.financemagnates.com/cryptocurrency/sec-charges-binance-ceo-over-illegal-exchanges-commingling-of-client-fund/" target="_blank" rel="follow">Binance</a> and <a href="https://www.financemagnates.com/cryptocurrency/after-binance-sec-sues-coinbase-over-illegal-operation-of-crypto-exchange/" target="_blank" rel="follow">Coinbase</a> for allegedly offering unregistered
securities. In the lawsuits, the regulator listed several cryptocurrencies which it
considers as securities offered by the crypto exchanges. Other cryptocurrency firms, including Kraken,
Bittrex, and Gemini, are facing similar allegations from the SEC.</p>

This article was written by Jared Kirui at www.financemagnates.com.