Bitfinex Bans US Clients

At the end of the Summer Bitfinnex officially announced that their trading platform will be closed for USA users. The decision has been made because of poor regulations of this sector by the US government. The Bitfinex officials emphasized that New York’s BitLicense regulations require cryptocurrency related businesses to comply with state regulations as well as policies imposed by the government, which is completely unnecessary.

“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.”

After this statement, Bitfinex officially disabled deposits and verification process for US customers. On October 16, Bitfinex published a followup statement, announcing their plans to completely halt all the services for the USA based customers. Not only deposits and verification will be halted but also withdrawals by November 9th, 2017.

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