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The Bittrex exchange will reportedly blacklist seven countries, including Ukraine, in the next two weeks. Cryptocurrency traders and investors from these countries will no longer be able to access digital currency services offered on the exchange. Cryptocurrency accounts owned by residents will also be automatically closed after said period.
Bittrex blocks access to Ukraine and Belarus
The United States-based digital currency trading platform Bittrex made this known to existing clients in a notification today, as Finance moguls reported. Countries that will be blacklisted by the Bittrex exchange include Belarus, Ukraine, Panama, Burundi, Myanmar, Mali, and Nicaragua. The exchange informed about the reason behind this decision, stating:
“For regulatory reasons, we unfortunately have to inform you that we are no longer able to provide services to clients who reside in certain jurisdictions.”
The Bittrex exchange warned its cryptocurrency users from the aforementioned countries that clean up your possessions from the platform in the next two weeks. At the moment, these people cannot deposit to their accounts, as the exchange noted that it has already stopped fiat currency deposits.
“After that time, we will have to deactivate the remaining accounts,” Bittrex added.
Notably, this is not the first time Bittrex Exchange has blacklisted a country. For the same reason, the exchange terminated its services for clients in 31 countries to October of last year. Most of the countries were in Africa, such as Egypt, Ghana, Uganda, Ethiopia, the Democratic Republic of the Congo, Zimbabwe, including Venezuela, Lebanon, etc.
Bittrex exchange removes a country with a high rate of crypto adoption
Meanwhile, the Bittrex exchange’s decision to shut down support for Ukraine clients comes a few days after the country was named the main jurisdiction with the higher crypto adoption rate. As Cryptopolitan reported on September 9, Ukraine ranked first in data released by blockchain analytics company Chainalysis.
Venezuela, which was also blacklisted by Bittrex, ranked second on the list. Meanwhile, the United States sat in sixth position.
