Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 56. (Read 723861 times)

You said : " As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's."[/i]  

What's your solution to be compliant (approach regulation) with the US laws while you don't  have a bank charter and you are not a  MSB?

CFTC has no attribution related to  MSB. You may be compliant now with CFTC but you are not with FINCEN and with the Bank Secrecy Act who is requiring you to have a financial license in each state you operate(you have clients).
You are in the business of selling, buying, and exchanging bitcoin and you  definitely need an MSB license.

My questions were simple but you avoid to answer. It is a civil conversation. I am smiling and I am asking you friendly :

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

Last frindly question : do you have any financial license in any country that allows you to run your financial business?

Your clients must know what company they are using, if that company is in good standing and compliant with everything. It's not something rude from my part to ask NORMAL questions.

Thank you !

No, I have no problem answering his questions. I just don't frequent this forum, I spend most of my time on /r/bitcoinmarkets, if you message or mention me there I'll get back much faster. I've responded to him btw if you'd like to read it. Let me know if you have any questions.


Yes, we did, and we still do

I never said we had a bank charter, you just jumped to that conclusion without reading the next sentence. I said that there is more than one way to approach regulation as opposed to you stating that the only way to be compliant is going state by state getting MSBs and then gave you an example.

As for asking for proof about being compliant, go read the settlement and order from the CFTC, then go read our ToS, and you can decide for yourself if you think we've done enough to be compliant. For a good idea of the context of the settlement and a bigger view I would suggest reading this: http://www.coindesk.com/cftc-bitfinex-enforcement-bitcoin-exchanges/

If you'd like to have a civil conversation i'm more than happy to, if you just want to ramble without actually reading what I write go for it, but I'm not going to waste my time responding.

I thought BFX accepts US clients already.  Did they not accept US clients before?

By which law, I'm sorry? I'm only asking if you fully understand that Bitfinex (as well as many other such exchanges) may consider themselves as beyond (or above, lol) any law altogether. And now you are vexing them with these annoying questions...

I'm the law!

I m asking for some "support"(proof) for Bitfinex's words. It is not about CFTC . They said that they have a bank charter in USA and I am asking for a simple proof(document) of that. It is not a secret and you are required by law to inform your clients about this thing

I guess you ask too many questions, lol. You should read the last part as something like "we have written an answer to the CFTC (or whatever) allegations so we deem ourselves fully compliant to whatever claims they might further bring forward without doing anything else"...

Though I would like to hear something more coherent as reply myself

could you please provide that "bank charter" for your company? the product you offer(in your case, products) has to be owned by the bank to get the 50 States MSB exemption. also, if you get a trust charter in New York it doesn mean you qualify for all the STATES (and you accept clients from all USA).

The laws that permit banks to open branches in other states through nationwide reciprocity don't fit the operational model of "Bitcoin exchanger" or even a trust charter.

Example :Louisiana, requires an out-of-state bank to be a "federally insured depository" institution to qualify for a licensing exemption.  

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

How can  you have a bank charter in USA when your company is registered in BVI? If you own a trust/bank charter in USA you are require by the banking laws to provide this information on your website(in a visible place). I don't wanna go in details and to mention that you don't have any physical address on your website. A bank charter without office

Please provide the proof for your words: "As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's"

Sure, how would you like me to go about that? You can look at my history and i think it's pretty clear that I am who I say I am. But i'll post a comment in https://www.reddit.com/r/BitcoinMarkets/comments/4mlujc/daily_discussion_sunday_june_05_2016/ with my verified reddit account.


This isn't entirely true, there are different ways you can go about it. For example, itBit doesn't have an MSB for every state but are able to accept US customers because they have a bank charter. As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients; obvious you are not. more than that, you are not licensed in BVI (where your company is registered) too.
in short, you are running an illegal business    If not, please accept my apology and please provide us your financial license(s).

It's at least the same name that he uses on Reddit and elsewhere.

Don't mind me asking, but can you prove that you are "Director of Community & Product Dev. @Bitfinex.com" ?

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Depending on many factors we may need to manually review your withdrawal. However, if you need auto-withdrawal processing please take a look at the requirements listed on the withdrawal page. Click the conditions for auto-withdrawal processing link and a modal will open listing the requirements. Fulfill those and your withdrawals will generally be processed within a few minutes.

If you have any questions feel free to let me know. I work for bitfinex and am more than happy to help.

We do not have an office for open visits in HK. However, if you'd like to meet some people from the company in HK, I can look into arranging that for you.

I wish the best for them even because I trust them with some of my coins and $. Still, there is a reason why most of worldwide banks do not accept US citizens, and maybe some of those reasons applies to exchanges too. Or so it seems:



etc.

I think you are on your own here. Remember that Bitfinex is not in the US jurisdiction, neither de juro nor de facto (unlike European banks, for example). So the CFTC may do what they want, in their impotent fury they can even cancel the law of gravity if they please (or go after the clients from the US according to the cynically-called "Consumer Protection Act", lol)...

Bitfinex seems not to care a fuck about their "orders", and the US gov-gov in general

Will you not publish your office address for physical visits? Want to know more about the company iFinex except that it is located in HK. Also, get to know its board of directors etc..

Any financial lawyers here? How is BFX not still in violation of of what the CFTC charged them with?

The entire business model of exchanges is built upon the exchange maintaining control of its hot and cold wallets so as to allow instantaneous transactions with no corresponding blockchain transaction or exchange of actual "ownership."

Does a switch to tether "tokens" for all fiat and crypto sidestep this?

I wonder if Poloniex is also in the cross-hairs of the CFTC?