Restricted Access to Certain Products and Services for EEA/EU-based Users
Gate.io is the next crypto exchange that is restricting some features and coins for us, living in EU.
I can't tell for myself if there is too much red tape, too much protection or too much bureaucrats trying to justify their huge salaries.
Probably the truth is somewhere in the middle.
Moreover, sometimes some of the centralized exchanges are very picky in deciding which features to let, some are more liberal, the others goo too conservative, just to avoid legal issues, I'd guess.
I use Gate.io, and as every exchange, I like some side of it, and I don't like others. Normal stuff.
Anyway.
Here is the full announcement, sent to all EU/EEA clients of Gate.io by email:
Dear Valued User,
We would like to inform you that, due to local regulatory requirements, EEA/EU has been listed as a Restricted Location earlier. As a result, Gate.io will be limiting access to certain products and services for EEA/EU-based users, including derivatives, perpetual contracts, futures or other non-spot trading products or services.
For EEA/EU-based users without open position, you have been restricted from accessing and trading the aforementioned products.
For EEA/EU-based users with option positions, you will not be able to open any new positions, and you are required to either reduce, close or withdraw your positions in the aforementioned products. All positions in the affected products must be closed by 30 June 2025 at 00:00 UTC. Failure to do so may result in Gate.io liquidating your positions on your behalf.
We sincerely apologize for any inconvenience this may cause and appreciate your understanding and continued support as we work closely with regulators to ensure compliance with local regulations.
Shall there be any questions about the above arrangement, please do not hesitate to contact our Support Team at [email protected].
Yours sincerely,
Gate.io Team
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It's really sad. One exchange after another is cancelling its services for cryptos in the EU. Why can't customers decide for themselves which assets they want to invest their money in?
Europe had been a leader and an icon when it comes to innovation, research, development, for centuries.
I am mostly sure we are no longer that. Probably sitting in the 3rd after China and US, I wouldn't be surprised even if India becomes 3rd. I think this process has been going on for decades, several reasons but all that seems well planned. Bureaucracy is my top 1 reason though, too many people getting paid to bulk produce empty phrases and articles.
Regulations in that matter just follow that agenda - more regulation equals more authorities on EU salaries making sure people stick to those.
This has been the reality in the US for quite some time now for most exchanges. I haven't had access to Gate in about 5 years. The only way I can still access my account is via VPN, and they've gotten smart to that now and are asking me to move my coins (everything there is frozen). I still haven't found a direct way to purchase STEEM yet; I have to use an exchange and send USDC and get them to, in turn, send me STEEM and pay the fees. There's talk that Trump is pushing to change it; we'll see.
https://www.binance.us/ doesn't work for you?
Edit: I just saw STEEM isn't available there. HTX?
Gate had a nice Visa (prepaid/debit) card feature to spend crypto anywhere. First they decreased the cashback, then completely removed it with a vague notice of "temporarily off" that is taking more than an year. Then, more fees and less flexibility. I suspended the card and no longer use it. I wasn't happy with their support either.
As it stands right now, my state (North Carolina) is one of the 12 states without access to Binance.us. I used to be able to access the regular Binance website with a VPN, but no longer. HTX is not available in the US. The only sites I can use are Robinhood and Coinbase, but they're limited in what coins I can buy. To be honest, I haven't used Robinhood since Doge was made available in other places...those hacks cost me money on the way out of Doge, not letting me sell at .71 cents by shutting the site down (I sold at .55 and made a killing still, but it's the point).
I have to use one of those dodgy aggregator sites like https://swapspace.co/ to send USDC or another type of coin (USDC is cheapest in fees and the fastest) to get STEEM. It gets sent back to me via a Binance wallet to my STEEM wallet as STEEM. There were three places to do that last year; now there is only one left that will send me STEEM.
I liked Gate being as they had a bunch of smaller coins I couldn't get elsewhere (RVA, ISP are a couple of examples). I made a killing on those sh*t/smaller/lesser-known penny stock-like alt coins until they cut me off.
I see. It all feels like less freedom and flexibility.
P2P probably is a solution, but I hate it, too risky and too many malicious players.
Poloniex (with VPN)? I don't use it much, liquidity is never good/enough though.