Decentralized exchange IDEX suspends New York-oriented services, with off-chain issues pointed out
Ethereum DEX Blocking New York IP Addresses
On October 25 at 6:00 PM (UTC), users in New York will no longer be able to place orders on IDEX, according to an official tweet. It adds that order cancellations and withdrawal instructions will continue to be supported.
As a similar measure, IDEX has prohibited trading for users in Washington state and North Korea. The terms of use last updated on September 20 state the following;
“Users found to be accessing the service from any of the aforementioned jurisdictions will lose access to their accounts. Their assets will be frozen until the direct withdrawal function becomes available again. After that, users will be able to withdraw assets directly via IDEX’s contract.”
New York State, which implemented the “BitLicense” framework that has sparked debate within the crypto community, is one of the strictest regulatory regimes for cryptocurrency exchanges. Based in New York, there are only a limited number of operators serving New York residents.
Due to an increase in hacks of cryptocurrency exchanges, demand for decentralized exchanges (DEXs) where traders can trade while keeping their assets on hand has risen. Major centralized exchanges such as Binance, OKEx, and Huobi have publicly announced development of DEXs, and they are expected to eventually be replaced by decentralized exchanges (DEX).
