Concerns from Russian traders that they may be unable to access Bittrex once the exchange’s new terms of service come into effect this month appear to have been alleviated. Starting March 9th, the exchange will formally block residents of North Korea, Iran, the Crimean region, Syria, and Cuba from accessing its trading services.
Last month, Las Vegas-based cryptocurrency exchange, Bittrex, published its new terms of service, which are expected to come into effect on the 9th of March.
The new terms of service will prohibit “citizen[s] or resident[s] of any state, country, territory or other jurisdiction that is embargoed by the United States” from accessing Bittrex’s trading services.
It was reported that the new terms of service resulted in concern among Russian traders that the sanctions imposed on the Russian Federation since 2014 may render them unable to access Bittrex. Several traders, however, appear to have since made contact with the exchange’s support staff, and received confirmation that the new terms of service will not prohibit the citizens of nations under “economic sanctions”.
Bittrex’s new terms of service will specifically exclude residents of nations under U.S. embargo – “North Korea, Iran, the Crimean region, Syria, and Cuba.” Additionally, any individual for whom there is “an economic sanction levied by the U.S. government” will also be barred from accessing the trading platform.
The new list of restricted locations in Bittrex’s updated terms of service appears to comprise a formalization of a crackdown initiated last year.
In 2017, news.Bitcoin.com was informed by Yasser Ahmadi or Lioncomputer.ir that Bittrex had “started closing Iranian accounts without any heads up or announcements from Oct 12.” Mr. Ahmadi accused the exchange of failing to respond to support requests from Iranian citizens, asserting that Iranians had been left with no means through which to repatriate the funds held in their accounts.
Mr. Ahmadi lamented the increasing projection of U.S. imperial objectives manifesting as a consequence greater regulation of the cryptocurrency industry. “They’re using the fluidity of bitcoin to control the needs of people around the world and reach their own political interests,” Mr. Ahmadi stated. “That is not what bitcoin and blockchain is about, it’s against the spirit of this system.”
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Written by Samuel Haig