US-based users of the Bitstamp crypto exchange will no longer be able to make trades on several high-profile tokens, including Solana (SOL), Polygon (MATIC), and NEAR.
- In an unexpected announcement on its official blog, Bitstamp said it would suspend trading for seven cryptocurrencies for its US customers starting August 29, 2023.
- In addition to major tokens like SOL, MATIC, and NEAR, the suspension will also affect a cluster of metaverse gaming and entertainment tokens, including Axie Infinity (AXS), Decentraland (MANA), Sandbox (SAND), and Chiliz (CHZ).
Update for our US users
Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after evaluating recent market developments.
Execute any open trades. Holding and withdrawing tokens afterwards will be unaffected.
More info:…
— Bitstamp (@Bitstamp) August 8, 2023
- Bitstamp explained its decision was influenced by “recent developments” in the US regulatory environment, although it did not go into specifics.
- The suspension means that from August 29, the exchange will disable any new orders involving the seven tokens and their trading pairs and cancel all existing ones. However, Bitstamp clarified that users can still hold and withdraw the tokens.
- The company also asked its US users to carry out any pending trades involving the affected cryptocurrencies before the August 29 deadline, following which it will not permit any more transactions on them.
- The clamping down on SOL and the other tokens comes in the wake of reports that Bitstamp is actively looking for strategic investors to help in its expansion plans. In a recent interview with Bloomberg, Bitstamp CEO Jean-Baptiste Graftieaux stated the company had initiated fundraising plans in June aided by Galaxy Digital.
- Graftieaux explained that Bitstamp, which sold a minority stake to XRP earlier in the year, intended to use funds it would raise to grow its operations, including launching derivatives trading in Europe.
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