Bitfinex stops US residents support

Starting from 9th of November, popular Hong Kong cryptocurrency exchange stops US residents support 
17 October 2017   2142

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 Introduce Sub-Account Feature

This system was launched after users' requests and it gives them an ability to experiment with several trading strategies simultaneously
21 January 2020   190

The Bitfinex cryptocurrency exchange has announced a new feature that allows users to create multiple sub-accounts under one master account.

As the technical director of the company Paolo Ardoino noted, the introduction of this option occurred almost at an ideal time, taking into account the growing interest in cryptocurrencies from institutional investors.

The Bitfinex blog says that the sub-account system has been introduced at the request of many users.

According to the proposed scheme, users will be able to experiment with several trading strategies at the same time, while Bitfinex will use the combined trading volume for all related accounts, offering general discounts on commission according to the structure of calculating commissions.

If the user account is verified, the client can choose which sub-account will use this data, giving it all the relevant advantages. In addition, each sub-account can be verified individually.

Users will also be able to send funds from the master account to the wallets of their chosen sub-account.

When creating a sub-account, it is tied to the main user account, which will continue to act as a master account. Only the master account has the authority to create sub-accounts (up to 100), it is also endowed with a number of other functions, including changing the viewing mode, changing e-mail, etc.