I've been waiting to get set up on Bitfinex for several weeks and it looks like about 13 hours ago, a story broke regarding Bitinex dropping it's US customer base due to the US's rigid regulatory practices... AKA Americans are not FREE. We're not allowed to buy into markets pre-launch like EOS, which is going to potentially cost Americans multi millions in losses for not being able to get in on the EOS pre-launch... And thats BS!
I got this message when logging in:
Clarification
August 12, 2017
On August 11, 2017, Bitfinex made an announcement with respect to certain of our services provided to U.S. individuals. The focus of our statement was the efficient allocation of corporate resources to various customer groups.
Nothing in our announcement should be taken as fact or opinion that any particular digital token, including any of the digital tokens mentioned in the announcement, are a security pursuant to U.S. law and we apologize if any statements we made were misleading or could be misconstrued.
We're working hard to bring you the best platform possible. If we made any mistakes or if you have any suggestions we'd love to hear from you. [email protected] / @bitfinex
Okay, Continue to Platform
Past Announcements
When I clicked on the highlighted "the announcement" in that message...this came up:
August 11, 2017
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
Bitfinex will be barring U.S. customers from trading ERC20 tokens issued through "ICOs." That ban will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers as of that date and time. Please note that nothing in this announcement should be taken as fact or opinion that any such ERC20 tokens are a security pursuant to U.S. law or require regulation under U.S. law.
Once again, we regret any inconvenience this change in policy might create.
We're dedicated to bringing you the best platform possible. If we made any mistakes or if you have any suggestions please get in touch. [email protected] / @bitfinex
SO...........
Does Bitfinex know how much time and effort I had to put into jumping through all the hoops they make you jump through?
Is my Country SOOOO fucked up, that one of the largest and best crypto exchanges doesn't want to play with us? NOT EVEN FOR MONEY???
After about 10 days of waiting, under verifications there is this new message for US users... (Sure, Fuck US users)
All forms have been submitted. The compliance team will review your application. Questions? Contact [email protected].
Due to high verification demand, please expect a processing time between 15-20 days after all forms are submitted. Monitor your email for status updates and progress reports from the compliance team.
Now this news from New.Bitcoin.com https://news.bitcoin.com/bitfinex-drops-us-customers/
News
1 day ago | Kevin Helms
| 19627
| 59
Bitfinex Drops US Customers
Bitcoin exchange Bitfinex has just announced that it is pulling out of the US retail market due to the challenging regulatory climate. US customers have approximately 90 days to discontinue all trading, and US holders of ethereum ERC20 tokens have only 5 days to stop trading them on the exchange.
Also read: Bitfinex Enables Bitcoin Cash Deposits and Withdrawals but Credits 15% Less
Leading bitcoin exchange by USD volume, Bitfinex, announced on Friday that it is exiting the U.S. retail marketplace. Effective immediately, the exchange no longer accepts verification requests for U.S. Individuals. “We have for some time considered pulling away from the retail marketplace in the U.S.,” the exchange wrote, adding that:
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.
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.” Consequently, the exchange stated:
Over the next 90 days, we will be discontinuing services to our existing U.S. individual customers.
Bitfinex expects the U.S. Regulatory landscape to be even more challenging in the future. “Exchanges based in the U.S. are better positioned to properly service retail U.S. Customers,” it wrote.
In addition, the exchange also announced that U.S. customers will no longer be able to trade ERC20 tokens issued through initial coin offerings (ICOs) on the exchange. This part of the changes will commence at noon UTC on August 16.
“Pursuant to the recent report of investigation issued by the U.S. Securities and Exchange Commission,” the exchange wrote to its customers, “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.” Currently, tokens active on the exchange subject to this restriction are EOS and Santiment (SAN).
What do you think of Bitfinex dropping their US customers? Let us know in the comments section below.
So again ....
WTF
ABBREVIATION
what the fuck? (used as an expression of incredulity or annoyance).
Vote for more liberals, socialists, communists and democrats so that they can take more freedom away from you! Of course, I am being cynical. These jokers in Washington have been stealing away your freedom slowly but surely for well over 100 years. Most of the blame lies with the Federal Reserve which is private and not government. They have been shafting the public for well over 100 years. Most of the public (99 %) haven't got a clue about the Fed and that is the way the Fed likes it. The Fed wants to keep you in the dark and feed you BS like a mushroom. The best thing that President Trump could do is to fire (disband) the Fed and for the government to buy as much gold as possible, that is , if you want your freedom back. It will be a heaven made miracle if those two things ever happen, so don't hold your breath!
Alot of these ICOs won't even finish their tech till 2020, do you think many of the exchanges will even last until then?
I had a question about earning interest for tokens.... now that Bitfinex will rid itself of US customers in less than 90 days.....Does Kraken or others do this type of "token lending" to earn extra tokens (EOS).....Thanks in advance