Bittrex is among one of the biggest names when it comes to cryptocurrency trade across the world. This US-based cryptocurrency exchange is particularly known for their easy-to-use platform which offers tools of in-depth analysis unlike any other platform. Bittrex is used by hundreds of millions of people from across the globe. However, after today's announcement from the company, members from five nations will no longer be allowed to trade cryptocurrencies on Bittrex.
Bittrex announced their list of banned nations today. These banned nations include Crimea, Cuba, Iran, North Korea and Syria. These countries come as no surprise as most of them are nations where the US has imposed a number of trade sanctions.
Bittrex updated their terms and conditions page to include these nations under the heading 'Restricted Locations'. This update to the terms and conditions clearly states that residents of these locations will no longer be allowed to trade on the Bittrex platform.
This move comes days after the Securities and Exchange Commission of the US announced that they are going to take some strict measures against certain exchanges, ICOs and cryptocurrency funds. Bittrex stated that the US government tends to add or remove nations from their list of sanctions from time to time.
The changes in the government's policy would be reflected in Bittrex's policies as well and nations will be added to the list or removed from there based on how the Federal relations are. The US-North Korea relations have been sour for over half a century now. Crimea and the US came at odds following the Ukrainian conflict, there have been a number of ideological differences with Cuba and Iran as well. With Syria, the recent human rights violations and terror links have caused the US to impose strict sanctions upon the nation.
While this might offend some in the cryptocurrency community, as cryptocurrencies run on the concept of decentralized banking - but government interference has been limiting the decentralized nation of cryptocurrencies with every passing day.