Regulations don't want them, but users do. So exchanges are blocking users from using their website.
Hello Again, Steemians!
The discussion around Facebook's Libra is at All Time High, some big crypto news is rolling by quietly outside the cryptocircle's spotlight.
Not us though, as always we bring you news around the block(chain) that will certainly affect the space, no gossiping here!
Before that, here's how the market performed today:
Here are today's news which we think is worth your attention
Bancor is cutting off US users from trading on its DEX
Decentralized exchange (DEX) platform Bancor Network is restricting its website functions to it's users based in the U.S.
"US citizens, domiciliary or users from US IPs will no longer be able to use Bancor’s web application to convert tokens," - the announcement said.
U.S. users of the DEX will still be able to hold, receive and transfer tokens on the website.
It is important to note that while websites may be blocked, the decentralized nature of DEXs means that users are still able to access its full function if interfacing it directly.
Binance Launched Bitcoin Pegged token on Binance Chain
Binance officially launched Bitcoin-BEP2 (BTCP), a bitcoin-pegged token on the Binance Chain.
The crypto-pegged tokens, based on the exchange’s BEP2 format, will be backed by Binance’s reserves of bitcoin.
The company is encouraging token teams to issue pegged tokens of their own coins on the Binance Chain.
‘Phase Zero’ of a New Ethereum Blockchain Could Go Live Next January
The next major iteration of the Ethereum (ETH) blockchain – dubbed Ethereum 2.0 – may see a partial launch as early as January 2020.
Since the network’s inception, developers have been looking ahead to an eventual transition to a proof-of-stake consensus model, dubbed Serenity.
Hey there,
Do you like our daily news roundup?
We actually have a newsletter (sent every weekday, 18:00 GMT+8), if you like to be updated and more, feel free to subscribe at https://newsletter.coingecko.com/landing/subscribe
yep like the daily round up thanks
thank you for the feedback!
Are they truly decentralized then?!
Blockchain DNS(.eth & .zil) and global server load balancing (GSLB) will be an answer to this.
They can geo-block the website. But they cant block access to the blockchain.
Are you adding to my statement or attempting to refute it?
Just commenting the state of DEXs.
I don't know if a blockchain based DNS system would work since it's not yet fully implemented. I would say IFPS is quite robust against blocks though, so there might be some truth to your opinion.
Posted using Partiko Android
No. Is that answer lol
Posted using Partiko iOS
Yes, Just like with Bitcoin the only way to stop it is to shut off the internet and that shuts off everything. You can block access to these sites but certainly can't shut down the dex. What happen to crypto bridge recently is a case where EU regulators stepped in and said they had to require KYC and user verification. Sparkdex still runs with no KYC based on the jurisdiction where they are based.
just use a VPN
That's one of the ways users are breaking their local laws.
Watching closely ..
Posted using Partiko Android
Thanks for the daily round up news.
Thanks for your support! Have you considered subscribing to the newsletter?
No. How do i that
Thanks for the good update. It's sad to see that the US is still blocking free usage of exchanges and even DEX.
PS: you should use "PALnet" as a new Tag to contribute to the "PAL" community and earn "PAL" Tokens.
The U.S. regulatory system can be quite complex. Often times, it is individual states that have laws against certain specific money transfer service and certain clauses that eventually define DEX or exchange as a money transfer service, then if a DEX or exchange wants to operate in the state they'd have to comply with the laws as a money transfer service on top of AML/KYC, bear in mind that each state have different laws and bereaucratic systems that it is understandable DEXs and exchanges would pull out from the US.
Thanks for the tip!