Cryptocurrency market regulations in the US are surely drawing out a clear distinction between the cryptocurrencies it wishes to allow. Binance announced a significant shift of its operations in the US from the original Malta-based exchange to a domestic Binance Exchange in the US.
While the move seems trivial at the moment, the reason for the shift itself raises apprehensions for some cryptocurrency investors.
Recently, after Poloniex decided to restrict some crypto-tokens on its Exchange for its US customers. Now, Bittrex International is doing to same. Moreover, the number of coins delisted for US users on Bittrex is more significant than Poloniex.
Bittrex Delisting Coins for US customers on June 21, 2019 (Source)
Notably, while the list is comparatively long, it does not include a few coins delisted by Poloniex like Augur (REP), Ardor (ARDR) and Lisk (LSK) which will continue to trade on Bittrex.
Bittrex Delisting Coins for US customers on June 28, 2019 (Source)
The exclusion process from the Exchange is possibly influenced by new securitization laws to be imposed in the US with the release of Facebook’s cryptocurrency, Globalcoin/Libra on the horizon. Binance has not listed the coins that will be included on the US platform, which is expected to be released before 12th September when trading will stop for US customers. Nevertheless, a lesser number of cryptocurrencies can be expected from the ones available on the Exchange.
The US is the largest economy in the world, which usually sets a precedent for other countries as well. Hence, the securitization laws in the US which are expected to be applied by the SEC inevitably influence reforms in other countries as well.