Setting up a bitcoin exchange or lending platform in the US is particularly difficult due to the varying regulation from state to state. This is why numerous exchanges have decided to pull out of the country, and seek customer based in other regions
One such example is BTCJam, which just announced that it has now stopped taking new US customers, due to the uncertainty concerning regulation in the country. Thankfully, this change only affects new customers from the US. With this in mind, existing users will still be able to access their accounts, but also make and receive loan payments. Together with this, making withdrawals will remain just as easy for already established customers.
The founder and CEO of the platform, Celso Pitta, recently stated that the company’s mission has always been to provide access to credit in 3rd world and developing countries. Now that they’re exiting the US market for the time-being, the move will allow them to focus on the initial mission.
Perhaps one of the states which is most affected by regulatory issues is New York, where the BitLicense has forced tons of bitcoin-based businesses to move out of the state, and manifest their intention to no longer service New York-based customers.
For those who do not know, BTCJam is a popular lending platform that allows people throughout the world to request credits in the form of bitcoin, or offer it, in order to make commission-based money. Users are able to easily guarantee for the credit, thus making the platform quite safe.
Based on everything that has been outlined so far, what do you personally think about the regulatory issues in the US? Is the country knowingly pushing bitcoin-based businesses out of its borders? Let us know your thoughts in the comment section below.