Why is MATIC and SOL being discontinued for Americans? There's

Question

Why is MATIC and SOL being discontinued for Americans? There's

plenty of regulated spaces that still offer staking for those tokens.. What's the deal?

And it's seriously going to cost me 25 MATIC to move it off? It only cost 75 cents in ETH to send it in..

What was the point in offering the staking services if you were just going to cancel the staking services in less than 2 months?

I feel robbed in a sense as I'm a small bag holder and it's going to cost 3/4 of the MATIC I moved in.. 😮‍💨

0

06.06.2023

2 ответов

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Zachary Chan

Cake Defi offers its services globally. And therefore, it can be unfortunate when a certain country or region has new rules or laws that prevent Cake Defi from doing business. The decision to remove certain products from American users is basically a response to the current volatile crypto climate in the US. This is most likely due to the recent Binance suit by the SEC, which lists Matic and SOL as unregulated securities. Cake Defi’s decisions are therefore pre-emptive to protect all parties until such matters can be resolved and clear regulations set as to what can/cannot be offered within the confines of local laws.

0

06.06.2023

Andreas · Accepted Answer

It's worth noting that decisions to delist certain tokens for specific geographical regions can often be due to regulatory considerations, which can vary significantly between countries and even between different states within a country. SOL and MATIC might be considered securities under US law and thus subject to additional regulatory requirements, hence the decision of Cake DeFi to delist those tokens for US users. As for the cost of moving MATIC off the platform, it's a common practice for platforms to charge withdrawal fees to cover the costs associated with the transaction. However, a fee of 25 MATIC does seem high compared to the initial cost to send it in. The fee structure is set by the platform and can change based on various factors. I understand your disappointment with the discontinuation of these staking services, especially if they were only offered for a short period. It can indeed be frustrating when services you rely on are discontinued, especially if you made investments based on them. If you haven't done so already, I would recommend reaching out directly to Cake DeFi's customer support to express your concerns and get more information. They should be able to provide you with specific reasons for their decisions and may be able to assist with your concerns about the withdrawal fees. Let us know if there's anything else we can assist you with.

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