The price of RaiBlocks cryptocurrency fell 27% after the BitGrail Exchange unexpectedly announced that it would soon cease to serve non-European users. This is reported by The Next Web.
The rate of the cryptocurrency, which promises its users instant transactions without commissions, in a matter of hours, collapsed from $ 18.50 to $ 13.50. The fall occurred after the announcement of BitGrail that due to problems related to the requirements for customer identification, the accounts of all users living outside the EU will be closed.
I’ll begin repeating once again this concept: BitGrail cannot work without mandatory KYC anymore. Looks like exchanges in general can’t do it, even if some may ignore it. But BitGrail can’t. It is in a country where you can’t ignore the law and even if there would be the opportunity, we wouldn’t do it. BitGrail want to operate in cryptocurrency market in the more transparent way possible, talking about laws.
The Bomber at Reddit
The updated rules have not yet begun. After the corresponding announcement, users who do not meet the established criteria will have 2 weeks to close their accounts. BitGrail will continue to operate "only in Europe".
BitGrail is one of the few sites supporting RaiBlocks, which is why it has become extremely popular in the community of this cryptocurrency. According to Coinmarketcap, over the past 24 hours, BitGrail accounted for more than 30% of RaiBlocks' trading. At the same time, on BitGrail, RaiBlocks accounts for about 85% of the total trading volume.