IDEX Exchange Issues Out IP Blocking Policy to New York State Customer’s Order

2018-10-25 02:27

Some of the events in the crypto space will never seize to issue out wonder. Cryptocurrency revolution may soon be giving Wall Street signal and the regulatory body of global finance seems to be getting ready for this.

It is now made public that come Oct. 25, resident of New York state who are willing to trade on IDEX will likely be looking out for other decentralized exchange options.

This was made known in a tweet issued by the exchange on Tuesday, stating that IDEX will on Thursday begin to reject new orders for any customers with New York State IP addresses. Added to the notice, IDEX noted that it will continue to buy its full service for withdrawals and cancel.

***Notice: #IDEX will begin blocking new orders from users with New York State IP addresses on Thursday, October 25th (6pm UTC). Cancels and withdrawals will remain active.

— Aurora (IDEX) *Not Giving Away ETH* (@Aurora_dao) October 24, 2018

It has been envisioned that while IDEX tries to make sure affected users will be able to cart away their holdings, some would be highly unhappy with the new development which flags IDEX as the first decentralized exchange that will bar users.

Reponses from twitterati in the comment thread signals disdain, as they issue out accusation that the move from the exchange will place IDEX in the camp of centralization because it is trying to stay aloof the notoriously regulated New York.

Many including the contemporaries of decentralized exchange have critically lampooned IDEX, stating that its imminent move contravenes the principal doctrine which they stand for.

Similarly, a user, in a tweet averred that the “DEX” in the name of the exchange which stands for decentralization will be of no use.

***Notice: #IDEX will begin blocking new orders from users with New York State IP addresses on Thursday, October 25th (6pm UTC). Cancels and withdrawals will remain active.

— Aurora (IDEX) *Not Giving Away ETH* (@Aurora_dao) October 24, 2018

With the New York State Attorney General (NY AG) crackdown on the three world’s leading exchange, Binance, kraken, and Gate.io, the move from IDEX would draw few question marks.

The three Cryptocurrency exchanges has been prevented from serving customers in New York State since they don’t have a BitLicense.

However, musing over the departure of IDEX, many have been doubting the future of decentralized exchanges which have been the major entity that is resistant to the stipulations of global policy.

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