Bitfinex Banned Margin Trade For US Corporate Customers

This news is reported by the margin traders themself at Reddit
15 February 2018   904

One of the largest crypto-currency exchanges, Bitfinex, suddenly closed access to margin trading for corporate clients from the United States. This is reported by Bitcoin.com.

Some corporate customers of Bitfinex expressed their discontent on the Reddit after they found out that their access to the marginal trading was closed. At the same time, restrictions imposed at the end of last year in accessing the services of the exchange concerned only US residents who are private individuals. The Bitfinex knowledge base also says nothing about the restrictions for US corporate customers.

We’ve had a corporate account with Bitfinex since early 2017 and [are] approved for both exchange, margin, and funding. […] We’ve been making 6-figure trades on margin and currently have 2 margin positions open. On Feb 7th, […] we were locked out of margin trading. No explanation or warning of why our account can’t trade on margin. Worst yet, we can’t manage our margin positions. Not good in this very volatile market. We’ve received a couple of liquidation warning emails as the market dived down yesterday. We sent a support ticket […] and probably over 7 emails. No response from Bitfinex. It appears that they haven’t even opened any of the emails.
 

horaldrami90 at Reddit

Later that day, a Bitfinex representative called “bill_bfx” contacted the Redditor, stating that the issue had been “forwarded to the team to resolve for you.” 

a US corporate customer […] should not be using margin trading,” however, noted that “if you have open positions it is not acceptable to block you from closing them. 
 

bill_bfx

Bitfinex representative at Reddit

Another Reddit user reports:

I’ve been lending on Bitfinex for a while. Earlier today, the API responded that US users are no longer allowed to take or lend any currency denomination […] I understand that US retail customers cannot use it but I believe the policy did not apply to corporate customers. Has there been a recent change in policy? Will it be permanent or is this a temporary measure? 
 

Daveneer at Reddit

In early December, Bitfinex and Tether received summons from the US CTFC. 

Bitfinex to Launch Ethfinex Trustless

As reported by the team, Ethfinex Trustless is a decentralized exchange, designed ffor eliminating the problems inherent in centralized exchanges
18 September 2018   89

Bitfinex has launched new Ethfinex-based decentralized platform for cryptocurrencies trading called Ethfinex Trustless.

As the exchange's message says, Ethfinex Trustless is aimed at eliminating the problems inherent in centralized exchanges, such as delays in input / output of funds, long answers from technical support and the possibility of loss of assets as a result of hacker attacks.

With Ethfinex Trustless there are no signups, no deposit or withdrawaldelays and no sacrificing custody of your tokens. Users retain full control of their funds throughout the entirety of the trading experience whilst executing trades against a highly liquid off-chain order book to ensure an entirely seamless trading experience.
 

Ethfinex Blog

The new site will allow you to make cryptocurrency transactions without going through registration and providing personal data. Also, Ethfinex Trustless will provide access to the trading logs of Bitfinex and Ethfinex, thereby eliminating liquidity constraints.

To connect to the platform, MetaMask, Ledger, Trezor and Keystore wallets can be used.

At first time trading pairs with Ethereum, OmiseGO, Tether and 0X will be available on Ethfinex Trustless. If the launch of the site is successful, Ethfinex Trustless will list 40 more tokens, including pairs with Dai, and transfer the exchange to 0x V2 smart contracts.

Also representatives of Bitfinex reported that owners of the Nectar (NEC) token will be able to make decisions regarding the functioning of the site and its future, including taking part in voting for the listing of tokens.

To do this, within the first two weeks after the launch of the exchange, users will need to have 1 NEC in their Ethereum wallet.