North Americans Are Prohibited From Using Apecoin Geo’s Staking Feature

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Last Updated on November 25, 2022 by Bitfinsider

According to statements made by Apecoin on Wednesday, the ApeCoin DAO asserted that it had “no good alternative” but to deliberately geo-block the service in a number of locations, including the United States and Canada, due to the “current regulatory environment.”

Remember that the federal agency charged Yuga Labs of breaking securities rules when the formal inquiry into yuga lab operations began last month.

ApeCoin provided information regarding the imminent launch of ApeStake.io, which was planned to go live on September 5th and be preceded by an associated smart contract that will be funded within two days, in order to keep its customers up to date on the project’s most recent advancements.

One week following its introduction on December 12, holders who joined at the time of launch may start earning prizes.

However, the geographical scope of the staking possibilities will be limited, particularly for nations and areas like the United States, Syria, Iran, Canada, Crimea, Russia, Cuba, Luhansk, and Donetsk.

Yuga Labs said: “We are aware that geo-blocking some users in North America is inconvenient for many members of the Apecoin community, Unfortunately, in today’s regulatory environment, we had no good alternative.”

Staking refers to locking one’s cryptocurrency assets to protect a certain blockchain network in exchange for rewards in the form of network fees and subsidies. It is a passive income alternative in the world of cryptocurrencies. It may also apply to any service that asks users to lock their digital currency in exchange for recurring yield percentage. When Apestake.io is released, it will look similar to this and many more things.

But given that Apecoin competitors like Nexo and others have been designated unregistered securities and instructed to stop providing cryptocurrency interest-bearing accounts, it appears that the US authority is targeting these Apecoin staking schemes.

Apestake.io users in the aforementioned nations and territories can still technically use the staking mechanism since it is a smart contract, even though Apecoin is now imposing front-end geographical restrictions for its users in those areas.

Source: Twitter

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