Despite the fact that Ukraine was recently named as the top country with the highest cryptocurrency adoption rate, Bittrex exchange plans to end support for the residents. The exchange reportedly plans to blacklist Ukraine and six other countries from accessing its digital currency services. Cryptocurrency accounts belonging to the residents will be terminated automatically by Bittrex in the next 14 days.
Bittrex Exchange Cites Regulatory Issues
As Finance Magnates reported, the exchange informed its customers about its decision in a notification today. The United States-based digital currency exchange said it would delist support for customers in the following countries, Ukraine, Belarus, Panama, Burundi, Myanmar, Mali, and Nicaragua. Residents from the listed countries will be completely locked out in the next two weeks.
Although the Bittrex exchange did not provide an in-depth reason behind the announcement. However, it hinted that its decision to blacklist the countries stirs from regulatory uncertainty. The exchange precisely noted:
“For regulatory reasons, we, unfortunately, have to inform you that we are no longer able to provide services to customers who are residents of certain jurisdictions.”
Cryptocurrency traders and investors from the countries have been blocked from making further deposits into their accounts, as per the report. Moreso, the Bittrex exchange warned them to withdraw their funds from the platform before the stated period. “After that time, we will need to disable any remaining accounts,” Bittrex added.
Crypto Adoption in Ukraine
The announcement from Bittrex exchange is coming a few days after Chainalysis published a report, naming Ukraine as the country with the highest crypto adoption record. Noteworthily, this is not the first time the exchange terminated support for countries. In October 2019, Bittrex blocked residents from mostly African countries, preventing them from accessing its platform.
At the time, the countries were 31 in number. They include Ghana, the Democratic Republic of Congo, Ethiopia, Egypt, Zimbabwe, and more.