I love the exodus wallet but the latest update has a few people spooked, I admit I got a little upset myself at first. posted an article that got my attention earlier today, and I thought I would do a little digging around to see what I could find out.
The detailed release notes say that EOS (and others ) is now exchangeable using the built-in shapeshift functionality, but when users in the US try, we are presented with the message 'Unavailable in your jurisdiction'
Release note snippet regarding EOS
EOS, BAT, and EDG Make a Triumphant Return
Astute holders of EOS, BAT, and EDG may have noticed that these assets have been unavailable for use in our built-in Exchange tab; as much as we’d love to offer worldwide exchange support for these tokens within Exodus, our exchange partner is taking proactive steps against future regulation that may classify certain tokens as securities which, until this point, left EOS, BAT, and EDG unexchangeable for Exodus users.
It turns out that users in the USA are not able to exchange EOS due to potential regulatory issues. The actual 'issue' is not with exodus, but with shapeshift, they have stopped exchanging EOS while it is in the ICO phase which will more than likely be changed when EOS goes live in a few months.
I followed up with an email to their support team (who are always fantastic btw) and I get a very quick and detailed response explaining the situation, he is a summary:-
Hi Adam,
Thank you for reaching out to us about this issue and I'm sorry for the trouble you're having. Let me explain the reason behind this unavailability.
Due to increased U.S. regulatory laws defining some crypto-assets as securities and preventing them from being exchanged, our exchange partner, ShapeShift, will be taking the initiative to disable affected assets for U.S. customers. EOS is one such asset.
For an in-depth look at the impact of regulation on the exchange function in Exodus, please read this release from our exchange partner:
https://info.shapeshift.io/blog/2018/04/02/shapeshift-services-change-based-customers%E2%80%99-jurisdiction
In the future, more assets may become unavailable depending on how your local jurisdiction classifies certain crypto-assets. However, the good news is that soon we'll be able to offer many new assets to our customers outside the U.S.
This regulation does not prevent you from storing, sending or receiving EOS in Exodus and only affects the built-in exchange feature. You will still have 100% control over your assets, since you control your Private Keys.
Is this really an issue, well for me it is not. I have never used shapeshift for trading as it is far too slow and extremely cost ineffective. Nothing else is impacted by this, you can still store the EOS and register the tokens using the 1-Click process. All in all, crisis over....... for me anyway.
What do you think about this?, let me know below.