Categories: CryptoNews

Bittrex Bars Users Residing in 5 Countries Under US Embargo

The Bittrex exchange is heading in a rather interesting direction. While the company is looking to make a positive impact, its updated terms of service will undoubtedly raise a lot of questions. More specifically, prohibiting customers in sanction-ridden countries from using this platform sets a dangerous precedent.

Bittrex Makes Another Interesting Change

In the past year or so, things have evolved in an interesting direction for the Bittrex exchange. More specifically, the company made it clear that users who had not verified their accounts would have lower withdrawal limits. Although that change was communicated well in advance, the company still faced a lot of criticism because of the decision. It is evident this change in policy was a positive one, although a lot of users did not see it that way.

The site’s most recently updated terms of service introduce another change which people will either agree with or detest. More specifically, the Bittrex exchange is now restricting access to its trading platform. Anyone living in countries embargoed by the United States is no longer welcome to make use of the service moving forward. It is evident this was a politically-influenced decision first and foremost, and the company wants to adhere to all regulations to the best of its ability.  

Although users from dozens of countries could now theoretically be ineligible to make use of the Bittrex exchange, that is not true as of right now. Instead, the platform is excluding residents of just five nations. They are the countries one would expect: Crimea, Syria, Cuba,

Related Post
North Korea – for obvious reasons – and Iran. This change is not entirely unexpected at this time, as it seems countries such as North Korea have been showing increasing interest in cryptocurrencies.

Surprisingly, this change in policy does not bar Russian traders from using the Bittrex platform – for now, anyway. There was some initial concern that Russian traders might be banned, as the country has been sanctioned on multiple occasions by the US government over the years.

It is evident this decision was not random either. Bittrex has allegedly been closing down accounts of users in sanctioned countries since late 2017. Whether or not there is any truth to those rumors remains to be determined at this stage. It is certainly possible the US government wants to make things a lot harder for worrisome nations in terms of finance, which includes the use of crypto. It is also possible that other exchanges will follow Bittrex’s example moving forward.

All of this further confirms the need for decentralized cryptocurrency exchanges sooner rather than later. A decentralized exchange would never bar any user from using the platform, as there is no central authority overseeing things or handling user accounts. For now, we will have to deal with centralized trading platforms, which will only lead to more issues like this one.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

7 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

8 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

9 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

9 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

12 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

13 hours ago