Apecoin Staking Will Be Launched On Dec 12 But US Is Blocked

Horizen Labs says Apecoin staking will be launched on December 12 and pre-deposits will begin on December 5. But the US, Canada, Russia and some other countries will be blocked.

In the announcement of Horizen Labs, which is building a website on behalf of the ApeCoin Decentralized Autonomous Organization (DAO), on November 24th, due to the delay of the Bug Bounty AIP program, caused the shortening of the deposit period one week in advance to maintain the initial operation on December 12.

In the notice mentioned Canada, North Korea, Syria, Iran, Cuba, Russia and Russian-controlled areas in Ukraine, Crimea, Donetsk and Luhansk were also on the block list.

But the surprising name is the United States is also on the block list. The decision to block US users likely stemmed from a legal issue related to the Securities and Exchange Commission’s (SEC) October investigation into Yuga Labs, the creator of APE. The regulator is investigating whether the company’s non-fungible tokens (NFTs) behave more like securities and subsequently violate federal law.

ApeCoin is based in the US, however it is the country holders who may miss out on the staking rewards after the US is added to the list of geo-blocked regions using the APE staking service Upcoming.

It is also for this reason that discussions about the issue of “circumvention of the law” are becoming heated. There are many ways to bypass geoblocking such as using a virtual private network (VPN) to spoof their location. Or it is suggested that it is possible to bet by directly interacting with the smart contract or using another interface without geoblocking.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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