Following the increasing regulatory pressure on the cryptocurrency market, Bitstamp, a giant cryptocurrency exchange, has made a surprising move by announcing a change that will affect many altcoins, particularly those that impact American customers. The exchange’s decision affects several major altcoins, including Solana (SOL) and Polygon (MATIC).
Trading Suspended for 7 Major Altcoins
Starting from August 29, 2023, Bitstamp will suspend trading for high-market-value altcoins, including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL). Bitstamp’s move comes as a result of increased regulatory pressure, forcing cryptocurrency exchanges to carefully evaluate the altcoins they list and make constant changes to comply with evolving regulatory environments.
During the suspension period, no new orders can be placed for the affected altcoins starting from August 29, 2023. Furthermore, the suspension will result in the cancellation of existing orders for AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL, along with many trading pairs associated with them.
Despite this decision, Bitstamp users will still be able to hold the affected altcoins in their accounts and withdraw them at any time.
Support Guarantee for Altcoins
To facilitate this transition process, Bitstamp invites its users to quickly place buy or sell orders for the affected altcoins. The exchange emphasizes that starting from August 29, 2023, trading will permanently cease for all these altcoins, and no further trading transactions will be possible.
Although this suspension will create a void in the altcoin market, Bitstamp guarantees that more than 30 altcoins, including XRP, will remain available for trading. The cryptocurrency exchange also highlights its unwavering commitment to adaptability and compliance.
