Bitfinex stops serving US residents

At the initial stage, which starts from 12.08, the exchange stops accepting new verification requests from US users
Sergey Siminskiy's picture
Sergey Siminskiy
12 August

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.

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.
     

Bitfinex Team

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.

Huobi and OKCoin to add Bitcoin Cash

Two largest Chinese exchanges add support for Bitcoin Cash
Diana Ugay's picture
Diana Ugay
22 August

Two largest Chinese cryptocurrency exchanges, OKCoin and Huobi, announced adding the support for Bitcoin Cash.

As OKCoin argues, the decision to add Bitcoin Cash was made after a "technical verification and comprehensive testing" of the coin:

Thus, OKCoin will officially support Bitcoin Cash (BCC) deposit and spot trading on August 22nd (06:00 Eastern Standard Time, UTC+20 HRS, 18:00 China/Hong Kong time). However, it is noteworthy that currently the exchange are only supporting BCC deposit and trading on the website. On top of that, to ensure a safe trading environment and to avoid potential 51% attacks and transaction malleability, there will be increased security verifications when depositing BCC. 

As for Huobi, the exchange claims that considering that Bitcoin Cash has entered the top three digital assets by market capitalization and has extensive support for trading platforms, there's the hope that users will realistically assess the risks associated with BCC trading.

Huobi will launch BCC/CNY on 17:30, August 22, 2017 (GMT +8). BCC trading will be available on main Huobi while BCC deposit was allowed from 17:00, August 9, 2017 (GMT+8).  

Bitcoin Cash charts on coinmarketcap.com Bitcoin Cash charts on coinmarketcap.com

As shown, at the time of writing, the Bitcoin Cash cryptocurrency price is about $687 and its market capitalization is more than $11 billion.