Some believe that the BitMEX complaint is a turning point in U.S. The CFTC’s move is seen as a sign that the agency is serious about cracking down on illegal activities in the crypto industry. residents without proper registration, violating the Commodity Exchange Act. On October 1, 2022, the United States Commodity Futures Trading Commission filed a complaint against BitMEX for soliciting U.S. regulators have made it risky for American residents to engage with them. traders as clients, but recent enforcement actions by U.S.
Overseas cryptocurrency exchanges are keen to attract U.S. It remains to be seen whether Orca will provide further information on this matter. However, the company’s decision to exclude the United States from its platform may be related to regulatory concerns or compliance issues. How this shift will impact Orca’s operations, and the user base is still being determined. Regulatory Concerns Prompt Overseas Crypto Exchanges to Change Approach, Excluding U.S. As a result, many users have found that they can circumvent geographical bans in most cases by using a VPN to hide their IP address or by connecting directly to the blockchain through a development tool such as Truffle or Hardhat. Unlike centralized exchanges, DEXs do not have a centralized “back end” or database controlled by the developer. In contrast, most decentralized exchanges have not followed suit, except for a few exceptions, such as Aggregator 1inch, which began blocking American users in September 2021. often block American users to avoid the country’s regulators. Orca, a decentralized exchange, blocks US consumersĬentralized crypto exchanges not licensed in the U.S. Jupiter’s website could be an alternative for traders who want to interact with Orca smart contracts. Orca is one of the decentralized exchanges (DEXs) that Jupiter uses to source liquidity for its swap aggregator service. However, the change will not affect American users directly interacting with Orca smart contracts. Orca smart contracts are undergoing changes that will impact users from certain jurisdictions, including the United States. Orca Smart Contract Changes to Affect Users from Certain Jurisdictions The reason for this decision has yet to be disclosed by Grace Kwan, who co-founded Orca with her husband. The company has stated that it will add the United States to its list of prohibited regions and countries where conducting business on Orca is illegal. On March 31, Orca, a decentralized exchange, will no longer be available to consumers in the United States. Join Our Telegram channel to stay up to date on breaking news coverage
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