1inch crypto exchange blocks US trades in preparation for separate US platform
Reportedly 1inch platform is looking to launch a separate platform for the American users. Right now the exchange blocked all the customers of the US in advance.
1inch is a decentralized crypto exchange and this exchange is much popular in the category of DEX. This exchange currently owns ⅓ volume of the crypto trade.
Recently users of the United States found that they are not able to access the 1inch for trading purposes. A pop-up notification is showing which mentioned that “whether users are using VPN or 1inch restricted in your territory”.
It is worth to notice that, 1inch platform already restricted US customers in April 2021, as per terms and conditions. But the effects have been coming for a few days.
One of the crypto media blog reached to the 1inch to know what is the actual matter behind this restriction of the service, then the chief communications officer of 1inch, Sergey Maslennikov, stated on this matter and said
“Today we’ve just added one more pop-up notification and technical layer to control this….The 1inch Network is in the process of collecting the Series B funding round that has now grown to $175M (instead of $70M as was planned before). A significant part of these funds will be used for the development and launch of the 1inch Pro product which is specifically designed for the US market and for global institutional investors in accordance with all the regulatory requirements.”
So here 1inch clearly stated that they are gonna launch specially designed Dex for the US users. Probably this is because 1inch is thinking about the future, where they may face scrutiny issues by the US regulators regarding the operations of 1inch, so they want to make specially designed exchange for US users.
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