Bitstamp, one of the oldest cryptocurrency exchanges founded in 2011, has mentioned and determined some tokens as securities, including $MATIC and $SOL, in recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) with multiple exchanges. etc., will permanently cease its trading. In addition, the company is also raising a new round of financing to realize its global expansion plan.
Some controlled altcoins will cease trading
Bitstamp, which has been involved in the history of encryption for more than 10 years, still seems to be unable to compete with the increasing regulatory measures and law enforcement actions against encryption companies in the United States. The official Blog and Twitter announced yesterday (8) that it will be delisted and suspended from trading in the near future. some tokens.
Bitstamp has a comprehensive framework and standards to continuously evaluate the cryptocurrency trading services we provide. Taking into account the recent regulatory environment and industry developments, we are making adjustments to some encryption products, especially for users living in the United States.
It is reported that trading activities related to MATIC, SOL, NEAR, SAND, AXS, CHZ and MANA tokens will be permanently stopped on the platform. Users must end their buy and sell orders before August 29, and trading will not be possible at that time.
However, users will still be able to hold the seven tokens in their accounts and withdraw them at any time.
Although Bitstamp did not specify the reason for the trading suspension, all seven of the above-mentioned tokens were named in the SEC’s complaint against the exchanges Binance and Coinbase and were considered unregistered securities. Other crypto-friendly banks such as Revolut will also delist some of the accused tokens in September to avoid getting into trouble.
Bitstamp seeks funding to expand
Separately, according to Bloomberg, Bitstamp is working hard to raise funds to achieve its global expansion goals.
It is understood that the company launched the financing process at the end of June, with Galaxy Digital providing advisory services.
It plans to use the funds to launch derivatives trading in Europe in 2024, while expanding its business scale in the Asian market and expanding its services in the United Kingdom. It is reported that Bitstamp has become a registered company with the British Financial Conduct Authority (FCA) in 2021. The country and this regulatory agency are famous for their extremely low registration success rate.
Bitstamp’s current CEO Jean-Baptiste Graftieaux said that the company is focusing on raising funds to expand services for crypto users and institutions, emphasizing:
Bitstamp is not for sale, nor are we actively seeking to sell the company.
Overall, Bitstamp’s move echoes its past acquisitions and development plans and will strengthen the exchange’s long-standing position.
This article SEC pressure! The long-established exchange Bitstamp delisted some of the controlled altcoins and sought financing to expand its territory. First appeared on Chain News ABMedia.
