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.