Is Matrixport Available In the USA? 

Matrixport is a safe and reliable crypto investment and financial services platform that offers top-notch security features to protect users’ funds. Across its numerous products and services, the company provides a robust security infrastructure backed by the cutting-edge Cactus Custody guarantee.

Is Matrixport Available In the USA?

Due to various regulatory limitations, Matrixport is currently unavailable in more than 40 nations, including the United States.

In this article, you can have a clear idea of what;

  •       What is Matrixport?
  •       Matrixport in the USA
  •       In the US, is cryptocurrency legal?
  •       US Cryptocurrency Exchange Regulations
  •       Regulating Cryptocurrency in the US in the Future

What is Matrixport?

With a daily trading volume of more than $5 billion, Matrixport is one of Asia’s most prominent cryptocurrency marketplaces with the quickest rate of expansion. With Matrixport, users can buy cryptocurrencies, invest their money, earn income, get loans, and trade digital content all in one place.

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Matrixport, a 2019 start up with locations worldwide, employs 200 people and has its headquarters in Singapore. The goal of Matrixport, created by professionals who have been engaged in the cryptocurrency sector since its inception, is to help consumers “Get more from your crypto.” They do this by assisting users in making the most use of their holdings.

Matrixport

Matrixport in the USA

Although many crypto fans from around the world may use Matrixport as their go-to platform, there are a few drawbacks to be aware of:

The US and a few other countries do not offer it: Unfortunately, users from the United States of America and a few other nations are not supported by Matrixport. Although a sizable crypto community in the US is interested in purchasing, investing, and borrowing, Matrixport does not currently provide any of its services to the US due to compliance difficulties.

Along with a few other nations, their list of prohibited countries includes China, Japan, Canada, and Singapore. So, if you come from one of those regions, you must locate an appropriate platform for your needs.

Is cryptocurrency legal in the US?

  •             Cryptocurrencies: Not accepted as currency
  •             Exchanges for cryptocurrencies: legal; state-by-state regulation varies.

The US is making headway in creating federal cryptocurrency legislation, although finding a consistent legal approach at the state level is challenging. Because cryptocurrency tokens are “other values that substitute for cash,” the Financial Crimes Enforcement Network (FinCEN), which does not regard cryptocurrency as legal currency, deems digital currencies as financial exchangers. The Internal Revenue Service (IRS) has published tax guidance defining bitcoin as “a digital representation of value that operates as a medium of exchange, a unit of account, and a store of value.” However, it is not regarded as legal cash by the IRS.

US Cryptocurrency Exchange Regulations

Exchanges for cryptocurrencies are permitted in the US and are governed by the Bank Secrecy Act (BSA). Companies that offer bitcoin exchange services must register with FinCEN, establish an AML/CFT program, keep the necessary records, and file reports with the proper authorities. As for digital wallets and exchanges, the US Securities and Exchange Commission (SEC) has stated that it regards cryptocurrencies as securities and strictly enforces securities regulations. The Commodities Futures Trading Commission (CFTC) has taken a more lenient, “no harm” stance, referring to Bitcoin as a product and permitting bitcoin futures to exchange freely.

Regulating Cryptocurrency in the US in the Future

President Biden published an executive order in March 2022 outlining strategies for establishing a regulatory framework for cryptocurrencies. The priority list for digital assets included six areas: Financial inclusion, responsible innovation, enforcement against illegal financing, consumption, investment security, and the advancement of economic security. Research into the US’s capacity to produce a central bank digital currency was also requested in the directive (CBDC). The executive order previews potential US cryptocurrency legislation by clearly defining regulatory priorities.

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Bottom line

To answer the question, is Matrixport available in the USA? The simple answer is no. Due to various regulatory limitations, Matrixport is currently unavailable in more than 40 nations, including the United States. In the USA, cryptocurrencies are not accepted as currency, and exchanges for cryptocurrencies are legal, but state-by-state regulation varies.

If Matrixport interests you, SIGN UP HERE to find out more.

If you are wondering what Matrixport does then check out our article explaining how it works.

What Does Matrixport Do

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