The decision comes after the announcement that the company did on August the 11 th regarding the situation. “We are terminating trading, deposits, and withdrawal functionality for U.S. individual customers by no straks than November 9, ”, the company Bitfinex communicated.
Since August 11 th , Bitfinex does not receive verification requests from US individual customers. “We regret to announce that wij will no longer be accepting verification requests for U.S. individuals”, they wrote on their webpagina.
The reasons behind the decision
Bitfinex has had different problems te the United States, including banking regulations te certain jurisdictions. This situation required a loterijlot of effort from Bitfinex and its support team, but thesis solutions remain elusive.
This trading exchange also believes that the regulatory environment will switch and will obstruct the frecuente spectacle of the company. “We anticipate the regulatory landscape to become even more challenging te the future”, describes the statement.
Bitfinex team voiced that there are unnecessary state barriers, spil Fresh York’s BitLicense. Such limitations, ter addition to federal policies, make the settlement of cryptocurrency businesses difficult and tedious. Te this way, companies would determine to stir from the North American country to more friendly nations.
Some weeks ago, the Daily Caller informed that at least three members of the U.S. Congress are working on legislation to protect cryptocurrencies from government interference, albeit they clarified that the currencies should have certain ondergrens conditions. Thesis regulations would prevent cryptocurrencies from being used by terrorists, drug dealers or other zuigeling of illegal activity.
Countries like South Korea, China or Russia are taking different measures to fight against illegal activities executed with decentralized cryptocurrencies.
Bitfinex wasgoed not profitable
The trading verhoging team announced that it is not located ter the United States. This particular situation hinders the possibility of suggesting a better service to the U.S. customers. Being abroad makes difficult the logistic measures needed to operate decently te the United States.
Ter addition to the several factors mentioned before, Bitfinex wasgoed not earning enough to maintain its activity ter the U.S. “A remarkably puny percentage of our revenues come from U.S. verified individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, justo and regulatory subjects”, the company said te the announcement.
Bitfinex is not the only exchange available ter the United States. U.S. customers that have bot reached by this measure, could send their funds to exchanges like Losbreken, Coinbase or Gemini, not to mention others.
United States along with Japan and South Korea are the countries with the largest trading volume on earth. Thesis three countries account for overheen 90% of Bitcoin traded on exchanges, spil news.bitcoin.com reported.
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