Bitfinex blocks withdraws - page 3. | Bitcointalksearch.org

AdolfinWolf

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Quote from: Saint-loup on July 25, 2019, 08:17:12 AM

Leowonderful quoted a paragraph from the FAQ saying only fiats need KYC, so I hope it's still the same, and they are not trying to withhold user funds Undecided

I would be surprised if it only is for fiat, considering their counterparties (Bittrex/Poloniex) had to force verification upon their users for just trading crypto a long time ago.

Quote from: BitHodler on July 24, 2019, 04:41:35 PM

Not even close. Bitfinex has been selectively allowing a small portion of their clientele cash out to fiat while the rest is either subjected to random verification or fiat withdrawals that never go through.

It has been like this for almost two years now so it's definitely not new. I wouldn't recommend anyone to use Bitfinex with solid alternatives such as Coinbase Pro, Bitstamp, Gemini and Kraken having a great trackrecord.

I've always read worrisome things about them but i didn't know they were Poloniex-tier. Seems bad.

mr.relax

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I am talking about withdraw of crypto, not bankwithdraws!!!
I never did Fiat deposit or withdraw there.

Saint-loup

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Quote from: mr.relax on July 24, 2019, 01:45:43 PM

With the excuse of suddenly asking for KYC of unverified accounts,
Bitfinex is locking tons of funds.
They ask anything like proof of source of funds, proof of personal income, and so on,
explanations of each transaction(which is impossible for active traders).
I started to trade there because they did NOT ask for KYC.
It was also explicit allowed to send from/to cryptoaddresses, you dont control!

I am aware that many,many accounts are recently blocked from withdraw.
g.e. https://www.reddit.com/r/bitfinex/comments/by15zs/bitfinex_is_locking_accounts/
If you search, you find a lot of reports...

Well I am a victim too.
Take care, they can use any excuse for not to pay out anymore.
It seems as if Bitfinex is really in trouble and starts to fuck selected customers.
Somehow this remembers me to the beginning of the end of BTC-e.

Can only recommend not to send anything anymore to Bitfinex until this reports of abusing users stops.

I'm sorry but you're not very clear, are you talking about fiats or cryptos?
Leowonderful quoted a paragraph from the FAQ saying only fiats need KYC, so I hope it's still the same, and they are not trying to withhold user funds Undecided

o_e_l_e_o

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Bitfinex and Tether are borderline criminal operations at this point. Tether keep lying and quietly changing their terms of service to say that USDT isn't backed up 1-to-1 with USD like they claimed, in fact it isn't backed up 1-to-1 with anything, and in fact the proportion that is backed up is backed up with anything they like, including (get this) repayments on loans to affiliated entities. In other words, they print Tether out of thin air, loan it to Bitfinex, Bitfinex dump it on the market for profit, and they claim the Tether is backed up by future repayments from the profit they just made after creating it out of nothing. It's honestly worse than fractional reserve banking. The NYAG is currently stringing Bitfinex up over all the regulations they have broken and the lies they have told: https://archive.fo/sZD01. A search on here or on reddit will find many, many users in the same situation as you.

This all feels very similar to when Quadriga went insolvent and then exit scammed a few months ago - stopping or delaying users from withdrawing, so they can wait on more deposits coming in to cover the withdrawals. Either way, everyone would do well to steer well clear of both Bitfinex and Tether.

joniboini

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As far as I remember Bitfinex already screw up from the beginning of last year when they started pending user withdrawal, removing complains from Reddit and so on. The tether issue seems real even until today, which is why it's such a risky move if you use them.

OP case is definitely not the first, and probably not the last one either. Their KYC request could also be a tactic to prolong user withdrawal so they can get some funds first.

BitHodler

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Quote from: AdolfinWolf on July 24, 2019, 02:13:32 PM

Huh. I always thought Bitfinex was like coinbase considering you could withdraw to your bank accounts?

Not even close. Bitfinex has been selectively allowing a small portion of their clientele cash out to fiat while the rest is either subjected to random verification or fiat withdrawals that never go through.

It has been like this for almost two years now so it's definitely not new. I wouldn't recommend anyone to use Bitfinex with solid alternatives such as Coinbase Pro, Bitstamp, Gemini and Kraken having a great trackrecord.

In the last 6-12 months people have withdrawn over 100k in BTC from Bitfinex because they no longer trust it. These are smart people avoiding future problems.

Slow death

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Leading Crypto Sports Betting & Casino Platform

Quote from: mr.relax on July 24, 2019, 01:45:43 PM

With the excuse of suddenly asking for KYC of unverified accounts,
Bitfinex is locking tons of funds.

maybe with that they intend to have funds to pay lawyers to defend them

Bitfinex and Tether Double Down on Claim of No Customers in New York

Metropolitan Commercial Bank Shuts Down Tether’s Accounts

or they want to show the authorities that they comply with KYC so they are responsible and serious, but I believe it only makes their situation worse, which is not good for them

leowonderful

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Bitcoin FTW!

I didn't know it was possible to trade on Bitfinex without KYC in the first place, considering nobody's really mentioned it to me (perhaps for a good reason considering the hacks and news about them now and in the past). Just read the Verification section of their FAQ and it does seem like they can ask for verification if they claim something raises 'flags', though I do agree that this is extremely scummy as well. Reminds me of crypto casinos that only ask for KYC upon withdrawal but are open to deposits without KYC.

Link to where this is quoted from: https://support.bitfinex.com/hc/en-us/articles/115003424209-Verification-Frequently-Asked-Questions

Quote

Do I need to verify my account to start trading?

No, you do not need to verify your account to start trading on Bitfinex. Verification is only required for users wishing to deposit/withdraw fiat currencies (e.g. USD), and for users who wish to speed up the deposit process. Users wishing to deposit/trade/withdraw cryptocurrencies are not required to verify their account. However, as per our Terms of Service, we reserve the right to ask for KYC information at any point in time if your account activity raises flags.

AdolfinWolf

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Huh. I always thought Bitfinex was like coinbase considering you could withdraw to your bank accounts?

Could you, up till today, withdraw to bank accounts?

I've never used them so i don't know, but that would be strange considering all the regulations that were forced on Bittrex, Poloniex, who were only crypto -> crypto.

Anyway, companies that claim to offer a KYC-free experience (or don't mention it), only to then subject the user to it, are scum. Plain and simple.

mr.relax

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Activity: 1651

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With the excuse of suddenly asking for KYC of unverified accounts,
Bitfinex is locking tons of funds.
They ask anything like proof of source of funds, proof of personal income, and so on,
explanations of each transaction(which is impossible for active traders).
I started to trade there because they did NOT ask for KYC.
It was also explicit allowed to send from/to cryptoaddresses, you dont control!

I am aware that many,many accounts are recently blocked from withdraw.
g.e. https://www.reddit.com/r/bitfinex/comments/by15zs/bitfinex_is_locking_accounts/
If you search, you find a lot of reports...

Well I am a victim too.
Take care, they can use any excuse for not to pay out anymore.
It seems as if Bitfinex is really in trouble and starts to fuck selected customers.
Somehow this remembers me to the beginning of the end of BTC-e.

Can only recommend not to send anything anymore to Bitfinex until this reports of abusing users stops.

Topic: Bitfinex blocks withdraws - page 3. (Read 712 times)