The decentralized exchange Uniswap announced yesterday that it has restricted access to stock tokens. Meanwhile, Bainance recently announced that it would stop supporting the tokens for a few more months.
to the Report Uniswap Labs, the developer of Uniswap Labs, a central decentralized exchange developer, announced in a post on its website on Friday that it has restricted access to some tokens, including stock and derivative tokens, in the protocol it supports.
The news came a day after US lawmakers announced plans to scrutinize the product. Explaining his decision, Uniswap referred to an “evolving regulatory perspective”.
In line with other DeFi user interfaces, we decided to restrict access to certain tokens through app.uniswap.org.
Other digital currency companies, including Bainance, have stopped trading stock tokens in recent weeks in a similar move. However, unlike Bainance, which is a centralized exchange, Uniswap only restricts access through its user interface. Users can still access these assets through other portals on this decentralized finance platform that support stock tokens.
The digital currency industry is increasingly under the magnifying glass of regulators, including prominent US officials. In a speech to the Bar Association on Tuesday, Gary Gensler, chairman of the Securities and Exchange Commission, said that stock tokens, both on centralized and decentralized platforms, should be registered in accordance with the rules.