"Haduii what do you want to be, what's wrong with this crypto?"
Without wasting time, the cryptocurrency exchange Bitstamp announced its decision to suspend the trading of several altcoins for its users based in the United States (US) which will take effect on August 29, 2023.
Following the suspension, among the digital assets that will be affected are Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND) and Solana (SOL).
Although Bitstamp did not state the reason behind the decision, the crypto exchange may have acted as such after the Securities and Exchange Commission (SEC) classified all seven of the following tokens as unregistered securities.
According to Bitstamp, its crypto exchange has a comprehensive framework that can continuously value their digital assets, so its team has made some changes to its crypto offering for its customers living in the US following the latest developments.
There is no denying that trading activity for all seven cryptocurrencies will be stopped, but users will still be able to store them in their accounts and withdraw them at any time.
It is well known that Binance including Coinbase has recently faced various legal challenges when the SEC accused them of operating as an unregistered crypto exchange for years.
However, Coinbase filed a motion to dismiss the SEC's claim on June 28, 2023, arguing that the agency lacked statutory authority over it.
Coinbase representatives who held discussions with the SEC last month revealed that transparent and fair rulemaking including Congressional action could provide opportunities for users and companies to build a digital asset economy in the US.
