Trading in Hot Memecoins and derivative tokens is suddenly stopped by Uniswap
Central issues:
- Users of DeFi who were blocking some memecoins and derivatives came across Uniswap.
- Many hypothesize that the explanation the DEX keeps up with this block list is to stay away from legitimate dangers in the US.
DeFi users uncovered the Uniswap DEX exchange, which was banning various memecoins and derivative cryptocurrencies.
On Uniswap, the largest decentralized exchange (DEX) in the cryptocurrency industry at the moment, numerous cryptocurrency users have reported that they are no longer able to trade memecoin Ben (BEN).
By and by, just the DEX site interface (frontend) keeps clients from executing, and it is as yet conceivable to interface with the symbolic’s savvy contract for customary exchanges.
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Among the tokens censored by the DEX are memecoins like Ben (BEN), Grump Cat (GRUMP), Gucci (GUCCI), and others like DYDX and ENS DAO, as well as a series of derivative tokens from both major coins like BTC and ETH and real-world asset and stock indices.
Despite this, Uniswap was criticized by a number of investors for excluding “hot” memecoins like BEN when there was no legal issue. Some even assert that the DEX runs counter to the decentralized nature of the platform. On May 8, BEN gave its early investors a one-day increase of more than 5,000 percent, thanks to the support of crypto celebrity Ben Armstrong, who later purchased ben.eth for an undisclosed price.
Many people believe that Uniswap maintains this block list to avoid legal issues in the United States, where the company was registered with the Exchange. In the past, the Securities and Exchange Commission (SEC) and other US financial regulators have taken legal action against a variety of cryptocurrency projects on the grounds that securities are being used. Accordingly, it’s sensible that the DEX forcefully restricts subsidiary tokens connected to the US financial exchange.
Uniswap and a few DeFi programs, like Balancer and Aave, have proactively disallowed addresses related with Twister Money, the Ethereum exchanging blender site boycotted by the US Branch of Equity. OpenSea and Infura cannot be used by people from countries that have been sanctioned.
