Crypto exchange IDEX has announced that starting October 25, it will be blocking New York State users from placing new orders. As per the announcement, IDEX which deals with the exchange of Ethereum tokens has bid adieu to customers with IP addresses that originate from New York. As per the exchange’s terms of service which was updated on September 20, users in North Korea and Washington State are also prohibited from trading on the platform.
If IDEX finds out that any user is using the service from one of the aforementioned jurisdictions, it will block the users from accessing their accounts. The exchange’s service agreement also added that the funds of such users will be frozen until the direct withdrawal function activates. The users can interact with the IDEX contract directly in order to withdraw their assets.
Traders in other prohibited regions and New York can still access the crypto exchange IDEX platform by using a VPN to mask their actual locations. However, it is unclear whether the service will blacklist the Ethereum addresses that were previously associated with the IP activity from prohibited areas.
The creator of the controversial BitLicense framework, New York, maintains one of the strictest regulatory regimes for crypto exchanges. That is the reason why only a handful of exchanges have received authorization to operate in the state and provide services to New York residents.
A blockchain company, Education Ecosystem has recently partnered with Enterprise Ethereum Alliance (EEA) and Linux Foundation. Education Ecosystem intends to reach out to companies that are part of the EEA to leverage Ethereum to produce open sourced blockchain solutions. The IDEX exchange is also a part of EEA and it will definitely make a difference towards the Education Ecosystem, as reported on BCFocus.
Crypto exchange IDEX is operated by the Panama-registered Aurora Labs S.A. The latter has developed a variety of cryptocurrency tokens, blockchain applications and protocols. The IDEX exchange raised $5.3 million in an initial coin offering (ICO) concluded in January, according to TokenData, as reported on CCN.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]