Americans Say Farewell to Binance and Bittrex
It’s with mixed emotions that Americans say goodbye to Binance and Bittrex. Both exchanges have announced that they will be blocking Americans from using their services due to legal uncertainty in the US.
Geofencing users has become a common practice. Bitfinex, BitMEX, Poloniex, Binance, and Bittrex have all committed to blocking US citizens from accessing some, or all, of their services within the past year.
It’s expected that companies facilitating the use of pioneering technology like cryptocurrency will encounter obstacles and using the tactic of geofencing is a reliable way to stay flexible.
The problem with geofencing is that it stifles the adoption of cryptocurrency. Each time an exchange blocks an area’s access, they prevent people from benefiting from cryptocurrency and create doubt in regards to the reliability of cryptocurrency.
News about geofencing coupled with a history of news about large scale exchange hacks is enough to make anyone question the practicality of cryptocurrency. This creates a conflicting narrative of crypto being accessible and secure while also being restrictive and risky. This ultimately decreases the likelihood that people will feel comfortable with conducting routine commerce in cryptocurrency.
DEXs are Resilient, but not Invincible
Bancor, a popular DEX, has recently announced that it will geofence Americans from directly using their services.
This news came out weeks after Binance DEX announced it would be blocking users from the US as of July. The implication of these blocks is that relying on a single DEX may still be too risky for many DeFi services as well.
Easily Access Multiple DEXs
Every DEX has its own unique protocol which makes integrating with multiple decentralized exchanges a time consuming and headache inducing task. The solution is to use Totle, an API connected to multiple DEXs which automatically acquires the best price for every trade you’ll make on the DEX market.
Totle’s API acts a single point for DEX liquidity so that developers can stay focused on building. We’re non-custodial, peer-to-peer, and do not require KYC.
Get Started
To start using Totle, access the API here: Build with Totle
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