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JJ Cryptocurrency

Gate.IO is banning U.S. Accounts

It appears that as of March 12th, 2022, one of the last global crypto exchanges (Gate.io) is finally banning U.S. accounts. One of our sources recently recieved this message:

In addition several Tweets have announced to the world that they are getting the same message:

Gate.io has become one of the most sophisticated exchanges and is also known for having one of the largest inventories of cryptocurrencies.

Why is this happening now? There has been no official announcement but there is speculation that it is related to the increasing scrutiny U.S. regulators are placing on the crypto market.

President Joe Biden signed an executive order this week that encourages U.S. enforcement agencies build a consistent framework regarding crypto regulations. Overall this has been seen as good for the industry, as the order makes clear they see the value in the technology and want to make it safe for consumption. But given that Gate.io is one of the few exchanges to trade on highly speculative tokens, with little or no oversight, it is probably a safety move by Gate.io to ban U.S. investors altogether.