Abra Restricting Crypto Access in the US Due to Regulatory Uncertainty
The crypto investment platform Abra says regulatory uncertainty is triggering some major changes in the United States.
Starting August 29th, users in America will no longer be able to hold Qtum, Bitcoin Gold, EOS, OmiseGo and Status. Users who hold other “synthetic” assets (which give users exposure to a given cryptocurrency’s price movements without actually holding the coin) will see those assets automatically moved to a native, hosted wallet.
In New York, users will only be able to hold four of Abra’s 30 cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
People that don’t withdraw their assets by the 29th will see their holdings automatically converted into Bitcoin. Abra says the changes are part of its ongoing efforts to ensure it remains compliant.
“If you’ve been following along with the conversations happening recently with regulators and legislators in the United States, then you are probably aware that cryptocurrencies are having a moment in the spotlight.
From presidential tweets to Congressional hearings, there is an intense interest and scrutiny about cryptocurrencies and how they work. As a result of continued regulatory uncertainty and restrictions in the United States, we have to make some adjustments to our US business in an effort to continue to be compliant and cooperative with US regulations as they currently exist.”
Abra says it hopes to bring its full line-up of crypto assets back to the US in the near future, if and when US policies toward crypto change.
“We are proud to be, along with many others in our industry, pushing the frontiers of financial innovation to drive global financial inclusion. However, operating in the United States has become increasingly complex and challenging. Unfortunately, we believe this to be the best course of action at this time. We hope, and look forward to bringing our full offering back to US users in the near future.”
You can check out the full details on Abra’s upcoming changes here.