Abra Is Restricting Crypto Access In The US Due To Regulatory Uncertainty
Abra crypto investment platform said that the regulatory uncertainty triggers some major changes in the US.
Abra changes for US users
They just revealed that starting August 29, US users will no longer be able to hold Qtum, Bitcoin Gold, EOS, OmiseGo, and Status.
More than that, the Daily Hodl reports that users who hold other “synthetic” assets (assets which iffer users exposure to a given crypto’s price movements without actually holding the asset) will see those cryptos being automatically moved to a native, hosted wallet.
In NYC users will have the ability to hold four of Abra’s 30 cryptos and these are BTC, LTC, ETH, and BCH.
It’s also worth noting that people who don’t withdraw their assets by the 29th will see their holdings automatically converted into BTC.
Abra wants to remain compliant
Abra says that these changes are a part of its ongoing efforts to make sure that it remains compliant.
“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.”
You can learn more about the upcoming changes on the official site.
As we said, regulation in the crypto space is essential because it brings more trust and this is an essential element for more investors.
With more institutional investors in the crypto space, the main goal for this year which is the mainstream adoption of crypto can get closer to reality.
There have been a lot of moves made in the crypto space in order to achieve this target which involves mass adoption of digital assets and their underlying technology, the blockchain.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.