Bitfinex, the Hong Kong based cryptocurrency exchange, announced that it is stopping the services for US residents. The process will be phased in and will be completed in 90 days.
New Post: "Service changes for U.S. customers” https://t.co/DR226k9RP3
— Bitfinex (@bitfinex) 11 августа 2017 г.
According to the Bitfinex statement, the exchange planned to stop US residents serving some time ago and is now launching this procedure.
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.
At the initial stage, which starts from 12.08, the exchange stops accepting new verification requests from US users. Maintenance of existing US users will be terminated in 90 days.
Additionally, Bitfinex denies the access for US users to trade certain digital tokens. Restrictions apply to ERC20-tokens, which are used in the ICO and take effect at 12:00 UTC on Wednesday, August 16. Restrictions on trading tokens EOS (EOS) and Santiment (SAN) take effect immediately.
The stock exchange also added that it reserves the right to further policy changes depending on the circumstances.