btc2Ripple closed for US citizens

[Sumo]

Emails were just sent out. First example of how regulation can cripple crypto currency.


Important update for US persons

Dear customer,

We are emailing you because you have signed up to connect your Ripple account to the Bitcoin network via the btc2ripple gateway.

(If this doesn't sound familiar to you, you probably either signed up on Ripple Trade or on the website btc2ripple.com).

We have an important update to our Terms of Service. We are discontinuing the btc2ripple service for US residents. All non-US customers will have full access to our service as usual.

What does this mean for me?

If you are not a US person:
You are not affected. You can continue to make BTC deposits and withdrawals using Ripple Trade

If you are a US person:

Starting Sept 1, 2015, you will not be able to make BTC deposits to your Ripple Trade account or make BTC withdrawals currency on the Ripple Network.
All operations within Ripple Network (sending, trading, exchange) are not affected by the change.
How to withdraw funds from Ripple Trade
In order to withdraw BTC, you need your Ripple Trade account to be verified. We advise you to verify the account in advance since it may take several days for the Ripple Trade team to verify your account.

[JBC]

No responses?  Wasn't this the number 2 crypto?    

Sometimes the best threads are those without responses.

[Sumo]

Lol no doubt. I guess their merger with Western Union might be off the table now. 

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

[canth]

Lol no doubt. I guess their merger with Western Union might be off the table now. 

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

Naw. Coinbase and Circle have far better management than Ripple Lab's team - they won't make the same mistakes.

[PirateButtercup]

It doesn't say Ripple Trade is not available to US citizens.

It says the gateway called "BTC2Ripple" will no longer be available to US citizens.

This is most likely necessary to be compliant with FINCEN regulations.  

 

[NewLiberty]

It doesn't say Ripple Trade is not available to US citizens.

It says the gateway called "BTC2Ripple" will no longer be available to US citizens.

This is most likely necessary to be compliant with FINCEN regulations.  

And FATCA, KYC sufficiency, and FCPA and Withholding Agents, and a bunch of other regulatory barriers to doing business with US victimscitizens.

[Nxtblg]

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

That's where I see it going.

[nelisky]

Shameless plug here; if you need a ripple gateway for cryptocurrencies then https://dividendrippler.com might be what you are looking for

[NorrisK]

Lol no doubt. I guess their merger with Western Union might be off the table now. 

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

It looks like the US is going to lose out big time on crypto by imposing all these regulations. They had a good change to be one of the crypto financial hubs, but I don't see that happening anymore.

[kelsey]

Lol no doubt. I guess their merger with Western Union might be off the table now. 

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

It looks like the US is going to lose out big time on crypto by imposing all these regulations. They had a good change to be one of the crypto financial hubs, but I don't see that happening anymore.

genuine p2p currencies should be indifferent to gov regs, kinda part of the point. corporate try to be new world bankers may lose out.....awww lets all shed a tear 

[bit1]

If you are talking about bitlicense, It only apply to N.Y, Talk  about alls US citizens is different, Maybe they had another reason.

[God27]

Lol no doubt. I guess their merger with Western Union might be off the table now. 

What does this say about all exchanges? I mean this pretty much was an exchange issue. Are exchanges in US going to have to move their services abroad? Is the US making it too difficult for them to function properly and operate?

It looks like the US is going to lose out big time on crypto by imposing all these regulations. They had a good change to be one of the crypto financial hubs, but I don't see that happening anymore.

Seems like a main hub will be Luxembourg.