Emerging cryptocurrency RaiBlocks has lost 20 percent in value after shady exchange desk BitGrail suddenly announced that its platform will soon suspend support for non-European users. The cryptocurrency, whose blockchain tech promises to deliver fast transactions at no fees, saw a drop from $18.60 to $14.90 earlier today.

The dip followed an announcement from BitGrail claiming that, due to KYC-related legal complications, the company will force non-EU users to shut down their accounts. “BitGrail cannot work without mandatory KYC anymore,” said the anonymous BitGrail founder who goes by the name The Bomber.

“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,” the founder continued, linking to an announcement on the US Department of Treasury that was issued back in 2012.

The updated terms of service are yet to come into force. Once announced, users who do not meet the new terms will have two weeks to close their accounts.

BitGrail says it will continue to operate as usual but “only in European countries.” The shifty exchange desk is among the few platforms that allow RaiBlocks trading, which has made it extremely popular within the XRB community. BitGrail is currently responsible for more than a quarter of the overall RaiBlocks trading volume for the past 24 hours. For context, RaiBlocks accounts for almost 85 percent of BitGrail’s entire trading volume since yesterday, according to CoinMarketCap. Read more from thenextweb.com…

thumbnail courtesy of thenextweb.com