So, bitfinex have clarified their previous message. This is the new decree:
Dear Bitfinex User,
Earlier today we have sent an email alerting all unverified users that due to recent policy changes we will no longer be offering services to individual users that are US residents.
The reason we sent out the email was to make sure that those users who missed the announcements we published on August 11, 2017 and on October 16, 2017 but are in fact US residents, would be made aware of the changed policy towards US residents.
Unfortunately, it seems it was not clear enough in the previous message that the email was sent out to all users that have not completed KYC account verification. If you received the previous email, it does not imply that your specific account is marked to be considered to be used by a US resident.
To be completely clear, only if you are an individual user, you are a US resident and you are still actively using the Bitfinex.com platform for trading or offering margin funding, will you be required stop using the Bitfinex.com platform immediately.
If you did receive the email we have sent out earlier today and this additional email now, but you are not a US resident yourself, the changed policy regarding US residents will not affect you.
Hopefully, this clarification helps take away any uncertainty that may have resulted from the previous message.
The Bitfinex Team
It appears the first email bitfinex sent created mass confusion.
Anyway, my gripes with bitfinex are as follows:
- Their minimum buy-in for IOTA is 24 MIOTA. Which by today’s US $3.95 price would mean a newb needs around a hundred US dollars to buy into MIOTA ONCE bitfinex’s fees are factored in. That’s not helpful to IOTA- it’s actually detrimental.
And to prove my point, in comparison I just bought 3 cents worth of dogecoin over at coinspot.
1b) The minimum buy-in rule at bifinex means that if you have a small amount of money (less than $10) it’s actually stuck in the no mans-land ruling that bitfinex management has created. Well, that may well suit bitfinex- after all if 250,000 unverified clients (who aren’t citizens of the USA) have $7 stuck there then bitifinex is accessing/using nearly 2 million dollars for FREE. Of course bitifinex doesn’t want to fix this problem because it ONLY HELPS BITFINEX.
- I transferred some IOTA from coinspot over to bitfinex (because I get a perverse thrill out of margin trading and losing my money) and it took over 10 hours to show up in my bitifinex account. So after 5 hours or so of waiting, I send a help query to bitfinex… almost 2 weeks later bitfinex responds Yep, nearly 2 weeks later they respond. What on earth is going on at bitfinex to be so SSSSSLLLLLOOOOOOOOWWWW? I get a response from coinspot within 3hrs but bitfinex takes ABOUT 11-12 days?
Now they can’t claim they are so big that they can’t deal with pesky clients because they are big enough to be making BIG PROFITS and therefore pay more staff!
They are not based in the USA or a Western nation (I believe they are in Taiwan?) so they can’t claim that staff are too expensive to employ either. Yes, we know they were hacked and they lost $72million worth of bitcoin 3 years ago so they are working to earn that back but that still isn’t reason to be cheap and nasty to customers.
Maybe bitfinex has adopted the big clients are the only clients worth having philosophy? I don’t know but they are failing small IOTA holders.