United States- the land of freedom and of all possibilities. Yet, OkCoin was forced to stop accepting Bitcoin deposits from customers resign in the United States, because of regulatory pressure put onto them by the authorities.
Since it was launched, the Chinese Bitcoin exchange has managed to attract customers from all around the world thanks to their great exchange rates, and the fact that users did not need to provide extensive verification. The company was also very popular in the US, but due to the regulatory pressure in the country, US users of the exchange see the following messages, whenever they try to make US dollar, Bitcoin or Litecoin deposits into their accounts:
“Notes: Due to regulation, we don’t accept the charge from the US.”
The company has stated that the measure is temporary, but they refused to offer details when asked how soon the restriction will be lifted for their US customers. A representative of the company has went ahead and said that the situation is not very clear at this moment in time. It has been suggested that the move was voluntary, and an effort to avoid any conflicts or possible lawsuits with the US authorities who are not very supportive of the cryptocurrency at this moment in time.
Chances are that the restriction will last until middle ground is found, and clear regulation is written. We will continue monitoring the developing story and keep you updated once we find anything else, and once the restriction is lifted by OkCoin.
Based on everything that has been outlined so far, what do you personally think about the regulatory challenges that US-based exchanges and those which also operate in the United States have to face, in order to be fully able to conduct their business? Don’t you think that the U.S. should hurry and come up with permissive regulation, as other countries have already done? Let us know your thoughts in the comment section below.
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