Following the introduction of new terms of service by Bittrex, the Las Vegas-based cryptocurrency exchange, some countries have been blocked from accessing the service. The terms that are due to take effect as of 9th March will block residents and citizens of any country, state or territory that has been embargoed by the United States.
This report will send shivers down the spines of Russian Traders, considering that there have been sanctions imposed on the Russian Federation by the US since 2014. The Russian traders were worried that the new terms of service may also see them blocked from access to Bittrex. As a result, a number of these traders saw the need to contact the support staff at Bittrex and have since received confirmation that the new development will not affect citizens in nations under “economic sanctions”. Rather, the new terms of service are expected to affect residents and citizens of nations under US embargo.
This therefore means that Iran, North Korea, Syria, Crimean Region and Cuba will automatically fall victim to this prohibition. Additionally, the terms specify that any individual for whom the US government has levied an economic sanction will also be blocked from accessing Bittrex.
US State in Bid to Project Political Objectives
In the wake of this new list of blocked countries, one would be tempted to believe that this is a formalization of a crackdown that started earlier in 2017. According to news.Bitcoin.com, there was news in 2017 from Yasser Ahmadi that Bittrex had began to close accounts related to Iranian citizens and residents even without any formal announcements. Even after several inquiries, they were not keen on providing substantive answers. This left Iranians with no other means to recoup the funds that held been held in their accounts.
With regards to the ever-increasing projection of United States political agendas, Mr. Ahmadi notes that this is a result of the more focused regulation on the cryptocurrency world. He says:
They’re using the fluidity of Bitcoin to control the needs of people around the world and reach their own political interests. That is not what bitcoin and blockchain is about, it’s against the spirit of this system.
These sentiments are expected to cause a stir in the coming weeks, particularly from the affected countries and regions.
What for you think of Bittrex’s move to block residents of North Korea, Crimea, Iran, Syria, and Cuba? Let us know your thoughts in the comments section below.