With all the regulation especially in the US with the SEC we will see an increase in the usage of decentralized exchanges, the only problem with a decentralized exchange is that you will need to have a local wallet for each of the coins you want to trade, which is fine if you are just looking at 2 or 3 coins, but for those that have a toe in 10+ coins it could be a bit of a pain.
Over time I am sure there will be a way to lighten the load and maybe even on of the DEX will have a workaround for this but we will only ever see more and more restrictions put in place for the current centralized exchanges.
Topic: Do you think other exchanges are going to follow in the footsteps of Bitfinex? (Read 337 times)
February 05, 2018, 09:16:39 AM
February 05, 2018, 09:13:54 AM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
This is the old news. Do you yourself live in what time? But in the footsteps of this stock exchange, the Bittrex exchange is already underway. Perhaps soon others will catch up. With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
February 05, 2018, 09:10:50 AM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.U.S customers still have plenty of exchanges to deal with I don’t know why they are going to restrict US customers. I like their exchange and have bought and traded Iota there lately. I don’t know if US customers will be able to buy Iota for a while after that deadline.
October 20, 2017, 06:19:22 PM
Other exchanges will do whatever they fear. But if they have a way to be decentralized with servers in countries that allow for cryptocurrency exchanges, then they can bypass the authorities.
October 18, 2017, 04:37:09 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
Absolutely. We can already see companies like Bittrex and Poloniex drastically increasing the personal information required to sign up for new accounts, and decreased withdrawal limits. In the case of Bittrex, we also recently saw mass account disabling, which seems to be related to country of origin. All of these things point to increased pressure from US regulators. Both companies are US companies, so they can't make the argument that they aren't operating in the US, anyway.
In Bitfinex's case, this may not solve their legal problems with the US government. They've been acting as a money transmitter in the US for several years now, and they issued securities (tradeable debt tokens) to US customers and also allowed token security trading in general. It's also never clear after administrative action from a US agency -- such as the fine from the CFTC to Bitfinex a couple years ago -- if the problems were rectified. The regulatory agencies don't work like that.
October 18, 2017, 04:34:46 PM
Absolutely yes. Even if none of them are doing anything untoward, the risks and hassles of trying to deal with the US are such a pain up the arse it's better to dispose of all Americans even though they'll be losing profit.
This isn't a crypto only problem. Americans are so loathed by financial institutions abroad that they're almost universally rejected by everyone because of the laws they're expected to comply with.
Look up FBAR and FACTA - https://www.expatnetwork.com/five-things-american-expats-need-to-know-about-foreign-bank-account-reporting/
This isn't a crypto only problem. Americans are so loathed by financial institutions abroad that they're almost universally rejected by everyone because of the laws they're expected to comply with.
Look up FBAR and FACTA - https://www.expatnetwork.com/five-things-american-expats-need-to-know-about-foreign-bank-account-reporting/
October 18, 2017, 04:30:18 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
I think that the tokens that are SEC compliant should not have a problem being traded on US exchanges for US citizens either.
Bittrex has not released/announced any such news yet and hopefully that will not be the case.
October 18, 2017, 04:22:25 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
Absolutely. We can already see companies like Bittrex and Poloniex drastically increasing the personal information required to sign up for new accounts, and decreased withdrawal limits. In the case of Bittrex, we also recently saw mass account disabling, which seems to be related to country of origin. All of these things point to increased pressure from US regulators. Both companies are US companies, so they can't make the argument that they aren't operating in the US, anyway.
In Bitfinex's case, this may not solve their legal problems with the US government. They've been acting as a money transmitter in the US for several years now, and they issued securities (tradeable debt tokens) to US customers and also allowed token security trading in general. It's also never clear after administrative action from a US agency -- such as the fine from the CFTC to Bitfinex a couple years ago -- if the problems were rectified. The regulatory agencies don't work like that.
October 18, 2017, 04:15:26 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
I don’t know why they are going to restrict US customers. I like their exchange and have bought and traded Iota there lately. I don’t know if US customers will be able to buy Iota for a while after that deadline.
I am assuming that all the rest of the exchanges will still serve US customers as normal. I plan on still using some of the other ones but I’ve used in the past like Poloniex. The good thing is that they gave us about a three month warning in advance of the deadline so we have had plenty of time to make other arrangements.
October 18, 2017, 04:04:01 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
Why they are doing this if they are legit? I'm not concerned by these rules but i think it's not good for bitcoin development.
October 18, 2017, 03:40:59 PM
U.S customers still have plenty of exchanges to deal with. Even If that wasn't the case (and everyone closed), there is nothing to be afraid of. I'm in Africa, there is no single exchange (except those where no verification is needed like Virwox) that accept my country and I'm fine with it, I can easily trade on multiple local forums. P2P trading is here to stay regardless of the future of centralized exchanges.
October 18, 2017, 03:34:38 PM
Wasn't this announced 2/3 months ago? I stand to be corrected but I think this was announced a few months ago. Maybe they gave the customers a few months to withdraw their funds. It is possible other exchanges might follow suit if the SEC continues with their crackdown
October 18, 2017, 03:29:49 PM
Luckily we don't have any of that in Europe.
October 18, 2017, 03:23:54 PM
Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
With the SEC starting to crack down on ICOs deemed as securities that would be subject to existing financial regulations, do you see other exchanges following suit and exiting the U.S. Market?
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