Bitfinex stops US residents support

Starting from 9th of November, popular Hong Kong cryptocurrency exchange stops US residents support 
17 October 2017   1190

The popular Hong Kong exchange Bitfinex reported that the process of stopping user services for US residents, which was launched in August, will be completed on November 9. 

At the initial stage, which began on August 11, the exchange stopped accepting new requests for verification from US users. Its decision was made due to tightening regulation of the cryptocurrency in the US:

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.
 

Official Bitfinex statement

This process has been stretched for three months, and from November 9 all transactions, including trading, input-withdrawal of funds, as well as provision of financing for margin trading will become unavailable for US citizens on Bitfinex. Holders of RRT (Recovery Right Tokens) tokens from the US will be able to sell them, starting from October 27. At the same time, the American users of the exchange will not be able to buy them.

Representatives of the exchange recommended that American users of Bitfinex withdraw all their funds before November 9.

 

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   452

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.