OKCoin, one of the biggest Bitcoin exchanges in the world, announced earlier this week that they will no longer be accepting deposits from US customers due to an increased regulatory pressure. The US is looking to regulate the Bitcoin across the states and are putting pressure on companies who wants to operate in the US in the future.
OKCoin still noted that the ban of US customer deposits is only a temporary feature, not a permanent. They did not disclose of when US customers can expect to use the exchange again and if it will in compliance with the US laws.
Customers from the US will not be able to deposit real-money USD into the exchange, but they cannot deposit Bitcoins as well as Litecoins, effectively shutting down their wallet service for Americans until further notice.
“The latest change is part of an internal review we made on our policies and affects Level 1 individuals who self-indicated as US citizens.” Jack Liu, Head of International at OKCoin said in an interview.
OKCoin has only been accepting US customers for a little over a year, increasing their business volume and profit margins.