The renowned bitcoin exchange and trading platform – SatoshiBet, announced it has banned its US-based users from using its services.
The company published an official statement on the discussion website Reddit, stating two main reasons for its decision. The first one was the questionable state of the wagering regulations of the United States and the second – the possibility of future legal problems, which could further hinder company’s affairs.
The decision of SatoshiBet comes at a time when bitcoin exchange platforms face hard times. Authorities of countries around the world are constantly changing their stance on the matter.
For example, Spain regulators proposed a new legislation, which requires the cryptocurrency operators to obtain a license in order to operate in the country. This is an attempt to make laws and tax regulations equal to online and offline currency operators alike.
SatoshiBet explained that its legal consultants advised it to stay away from the US market in order to diminish the chance of wasting more resources and being declined further legal rights to operate there.
SatoshiBet consultants stated that their advice should not be misinterpreted as stating that the US provides little to no support for cryptocurrency exchange.
However, it should be clear that the US authorities have frequently given double-meaning definitions on multiple occasions about their stance related to such digital currency operators.
As to what will happen to the US clients of SatoshiBet, its manager Adrian Scholz explained that those who had any active transactions during the lockout of the platform should contact customer support in order to receive a step-by-step plan on how to ensure their processes are stored and guaranteed.
In its statement, the company explained that its current decision will not affect any legal processes or prerequisites. It is merely an insurance for any future moves that the government can take against the legitimacy of cryptocurrency operators. Satoshibet states that its decision is also a result of its past experience with the US authorities.
The company further noted that it has not been discussing its moves with any legislation organs as it considers its decisions not that substantial, but simply strategic and corresponding to the fast-paced reality of the cryptocurrency industry worldwide.
SatoshiBet also stressed on the fact that it has only dealt with bitcoin currency and no other currencies, in an attempt to protect itself from any other cash exchange sanctions it could receive from the US.
Scholz said that its withdrawal of services for US citizens will surely affect its revenue as 20% of its customer traffic comes from the US. The company, however, is determined to finish what it has started and will pay out all the transactions which were halted.
There has been a number of other online currency operators who have taken similar actions in the US until there is a clearly defined law which explains the directive which those companies should follow in order to operate freely.
