Decentralized trading platform, Bancor, recently announced in a blog post that citizens of the United States will no longer be able to use the Bancor application to convert tokens. However, users with Bancor wallets will still be able to log-in, hold tokens, and transfer tokens from the United States. Only conversion functionality will be disabled, the blog post said.
In their blog post,Bancor also revealed the reason for this new development,
“The decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem. This will enable the Bancor community and ecosystem to innovate faster and with greater clarity.
For users with IP addresses from the United States or US citizens or domiciliaries, the availability of token conversion will be blocked on Bancor’s web application. Even if a user with American citizenship is not based in the United States, he/she will be restricted from converting tokens.
According to Bancor, this update will be put into effect beginning from July 8.
Beginning July 8, 2019 (09:00 AM EST) US citizens, domiciliaries or users from US IPs will no longer be able to use Bancor’s web application, https://t.co/p15kzfbPrE, to convert tokens. Users can still access, hold, and transfer tokens. Read more here: https://t.co/5M7YYeF9gh
— Bancor (@Bancor) June 18, 2019
Bancor also clarified that functionality will be blocked to users accessing the website, which offers an interface to blockchain activity.
“As the Bancor Liquidity Network is a collection of smart contracts on the blockchain, and a non-custodial system, we cannot restrict users from accessing the blockchain itself.”
Many cryptocurrency entities have recently been blocking users from the United States,