Not surprising after what's happened to BTC-e. The problem is that Bitfinex has already been processing USD for US customers for years. There is a KYC process in place, but there is the matter of licensing...
With this new "ethfinex" thing, it certainly seems like they are trying to distract from their banking problems...
Topic: Bitfinex is dropping their US customers - page 3. (Read 1814 times)
So what happens to the US users will they be allowed to withdraw their coins,since they have taken this decision all of a sudden they did not even give the users the opportunity to withdraw before they implement these rules,since we have many exchanges this is not a big deal but my problem is they have to inform the users beforehand before implementing something like this.
You've got 90 days to get your funds out of Bitfinex, and if I was you I wouldn't wait, I'd move the money out now.
Remember you won't be able to get fiat out, because they've lost the ability to move dollars. So you'll either have to buy bitcoin, or buy an alt, and then move those coins out asap.
Also - note that the fees for withdrawing bitcoin are rather high on bitfinex: 0.004btc - at a bitcoin price of $3500 that is $14.
So maybe try using bitcoincash or litecoin to move money. Here are the list of withdrawal fees:
https://www.bitfinex.com/fees
But don't wait, start moving your coins now.
So what happens to the US users will they be allowed to withdraw their coins,since they have taken this decision all of a sudden they did not even give the users the opportunity to withdraw before they implement these rules,since we have many exchanges this is not a big deal but my problem is they have to inform the users beforehand before implementing something like this.
Presumably, yes, US users can withdraw all coins held on the exchange. They said they will be discontinuing services to such customers over the next 90 days. That suggests to me that US customers can withdraw normally for the next 90 days (possibly more). Usually after that, in similar cases, you would need to contact support, but you could still withdraw your funds after that point.
Officially, they are stopping US customers from verifying immediately. They are stopping US customers from trading ERC20 tokens in 5 days. And sometime over the next 90 days, all services will be stopped for US customers.
So what happens to the US users will they be allowed to withdraw their coins,since they have taken this decision all of a sudden they did not even give the users the opportunity to withdraw before they implement these rules,since we have many exchanges this is not a big deal but my problem is they have to inform the users beforehand before implementing something like this.
They are leaving because of the regulations, poloniex has changed its terms of service I suppose it is for the same reason
"Bitfinex explained that “a surprisingly small percentage of our revenues come from verified U.S. individual accounts.” Meanwhile, “a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.” Citing that it has been able to “normalize banking for some corporate customers and individuals in certain jurisdictions,” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” "
"Bitfinex explained that “a surprisingly small percentage of our revenues come from verified U.S. individual accounts.” Meanwhile, “a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.” Citing that it has been able to “normalize banking for some corporate customers and individuals in certain jurisdictions,” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” "
The restrictions on US customers trading ERC20/ICO tokens could definitely be linked to the SEC decision linked in their blog post. However, I think withdrawing entirely from the United States market is a much bigger story that has to do with Bitfinex lacking any licensing in the US and the recent action against the BTC-e exchange. I think that's also why they are openly stating that US customers are a tiny portion of their business (probably not true), as a feeble attempt to cover their ass regarding future claims about them operating as an MSB.
Unfortunately for them, pulling out of the US market at this point does not repair the past several years of operating unlicensed.
They are leaving because of the regulations, poloniex has changed its terms of service I suppose it is for the same reason
"Bitfinex explained that “a surprisingly small percentage of our revenues come from verified U.S. individual accounts.” Meanwhile, “a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.” Citing that it has been able to “normalize banking for some corporate customers and individuals in certain jurisdictions,” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” "
"Bitfinex explained that “a surprisingly small percentage of our revenues come from verified U.S. individual accounts.” Meanwhile, “a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.” Citing that it has been able to “normalize banking for some corporate customers and individuals in certain jurisdictions,” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” "
Bitfinex can go to hell.
What am I supposed to do with my portfolio on Bitfinex?
What am I supposed to do with my portfolio on Bitfinex?
After everything that happened, Bitfinex isn't an exchange you should be storing any funds on in the first place. Not sure what your portfolio exactly consists of, but see this as a red flag signal to withdraw everything you have ASAP. It may not seem like a positive statement coming from Bitfinex, but if you look at it from a different perspective, they at least can't make any more US related victims if they happen to go nuts at some point (I definitely believe they will, the only question is when).
Bitfinex can go to hell.
What am I supposed to do with my portfolio on Bitfinex?
Withdraw and stop using it? It's not like they are immediately locking every US customer from using their services and just stealing their funds.What am I supposed to do with my portfolio on Bitfinex?
Quote
Furthermore, over the next 90 days, we will be discontinuing services to our existing U.S. individual customers. We will be communicating further with affected users on timing and specifics. Our intention is to reduce disruption as much as possible for our U.S. customers.
Bitfinex can go to hell.
What am I supposed to do with my portfolio on Bitfinex?
What am I supposed to do with my portfolio on Bitfinex?
https://www.bitfinex.com/posts/216
Quote
Service Changes for U.S. Customers
Bitfinex is making changes to the services we provide to U.S. individuals. These changes impact the verification process and trading of certain digital tokens for U.S. customers. Some changes are effective immediately, and others will be gradually implemented in the coming weeks.
Suspension of U.S. Individual Verification Requests
We regret to announce that, effective immediately, we will no longer be accepting verification requests for U.S. individuals.
We have for some time considered pulling away from the retail marketplace in the U.S., and now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.
Several factors have gone into this decision:
While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.
A surprisingly small percentage of our revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.
We anticipate the regulatory landscape to become even more challenging in the future.
Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.
We are thankful to all of our loyal U.S. customers that have consistently traded with us but, unfortunately, we have an obligation to our whole customer base and to our shareholders to make rational resource allocation decisions.
Furthermore, over the next 90 days, we will be discontinuing services to our existing U.S. individual customers. We will be communicating further with affected users on timing and specifics. Our intention is to reduce disruption as much as possible for our U.S. customers.
We will continue to take advice and implement further changes as circumstances warrant.
Restrictions on U.S. Persons Trading Certain Digital Tokens
Pursuant to the recent report of investigation issued by the U.S. Securities and Exchange Commission, Bitfinex is taking the proactive step of barring U.S. customers from trading certain digital tokens that may be deemed securities in the eyes of the SEC.
The restriction will generally apply to ERC20 tokens issued through "ICOs" and will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers. At the time of this post, the tokens active on Bitfinex that will be subject to this restriction are EOS (EOS) and Santiment (SAN).
Once again, we regret any inconvenience this change in policy might create, but we believe this to be a prudent measure given the regulatory uncertainty surrounding such digital assets.
Bitfinex is making changes to the services we provide to U.S. individuals. These changes impact the verification process and trading of certain digital tokens for U.S. customers. Some changes are effective immediately, and others will be gradually implemented in the coming weeks.
Suspension of U.S. Individual Verification Requests
We regret to announce that, effective immediately, we will no longer be accepting verification requests for U.S. individuals.
We have for some time considered pulling away from the retail marketplace in the U.S., and now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.
Several factors have gone into this decision:
While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.
A surprisingly small percentage of our revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.
We anticipate the regulatory landscape to become even more challenging in the future.
Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.
We are thankful to all of our loyal U.S. customers that have consistently traded with us but, unfortunately, we have an obligation to our whole customer base and to our shareholders to make rational resource allocation decisions.
Furthermore, over the next 90 days, we will be discontinuing services to our existing U.S. individual customers. We will be communicating further with affected users on timing and specifics. Our intention is to reduce disruption as much as possible for our U.S. customers.
We will continue to take advice and implement further changes as circumstances warrant.
Restrictions on U.S. Persons Trading Certain Digital Tokens
Pursuant to the recent report of investigation issued by the U.S. Securities and Exchange Commission, Bitfinex is taking the proactive step of barring U.S. customers from trading certain digital tokens that may be deemed securities in the eyes of the SEC.
The restriction will generally apply to ERC20 tokens issued through "ICOs" and will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers. At the time of this post, the tokens active on Bitfinex that will be subject to this restriction are EOS (EOS) and Santiment (SAN).
Once again, we regret any inconvenience this change in policy might create, but we believe this to be a prudent measure given the regulatory uncertainty surrounding such digital assets.
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