One of the major exchanges, Bitfinex, has issued a warning to its private customers in the USA, in which it is informed that all transactions will be stopped by November 9 due to regulatory uncertainty. The trade would continue until November 9, although no new accounts will be verified, confirmed by Bitfinex himself in his last blog entry.
Bitfinex recommends that its US-based customers withdraw all their possessions by that date. The press release cites an Aug. 11 announcement that forecasts the move and detailed steps the exchanger plans to take to liquidate its US operations, all of which include immediate cancellation of new verification requests on the platform.
Similar regulations have caused Poloniex, for example, to withdraw from New York and other states, where local regulations require too much taxation in the field. Bitfinex also retired from several states. Bitfinex’s excuse was mainly difficulties in complying with strict regulations, explaining that a small percentage of the income they received came from US individuals and in turn, an exaggeratedly high proportion of their resources were intended to meet the needs of US users, including obvious regulators. It would be for this and for the fear of future more strict regulations on the part of the government by what Bitfinex leaves the market in the United States.
Bitfinex leaves the US market for Coinbase, the exchanger giant. In general, transactions with Bitcoin in the United States have been reduced while in Japan, for example, they continue to rise and are currently taking the lead. Bitfinex owns about 9% of the volume of BTC / USD operations. Anyway, do not panic, because Bitfinex is still in full swing by increasing its bag of crypto-currencies, having added QTUM and associating with QUOINE.
It is true that the exchanger of Bitfinex had been changing its headquarters repeatedly when they considered it necessary only to stay within the law in the USA, provoking obvious headaches for the executives of the company. Bitfinex is still a born fighter and had to deal with quite a few challenges in a very short time, such as a $ 75,000 fine imposed by the Commodity Futures Trading Commission (CFTC) for offering illegal off-the-books financed retail transactions and not registering as merchant of CFTC or by the most well-known hacking and theft of $ 70 million, which was very well solved contributing tokens to the damaged accounts, since generalized the damage, those tokens would act like promissory notes for the users that had them in membership.
More restrictive policies in the country of Donald Trump do not help the country trying to put an end to the already irreversible new economy, on the other hand, Bitfinex continues with its transparency and force against wind and tide.