Bitfinex’s hard rules for U.S. customers and alternative

Bitfinex’s hard rules for U.S. Users and Bitfinex’s alternative for them

Bitfinex exchange is one of the most popular and most interactive cryptocurrency exchanges in the world specially for BTC. This exchange has changed its regional rules seriously in the last few years and a lot of countries had been in this exchange’s blacklist. One of these countries is United States of America that has been banned in Bitfinex from 2017 and this exchange has closed U.S. user’s account.

In the continue of this article in shetcoiner website we will answer your questions about why is Bitfinex banning U.S. Customers or does Bitfinex accept U.S. customers now and what is Bitfinex alternative for U.S. customers.

Table of Contents

Why is Bitfinex banning U.S. customers

Although Bitfinex is one of the valid and old cryptocurrency exchanges in the world, in follows its own independent rules and tries not to give customers information to governments for government pressure and don’t ruin its own credits.

Therefore, Bitfinex exchange published an announcement in 2017 that this exchange will no longer give services to users from United States of America.

This is a part of Bitfinex’s announcement:

Over the next 90 days, we will be discontinuing services to our existing U.S. individual customers.

Bitfinex also said these for the reason of this action:

While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.

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.

We anticipate the regulatory landscape to become even more challenging in the future.

Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.

Some changes effective immediately, others gradual

Bitfinex is immediately forbidding U.S. customers from trading Ethereum-based ICO tokens such as EOS and SAN. The exchange is also immediately suspending verification of U.S. accounts.

So as you understand from reading this announcement and the reasons of it, you know that Bitfinex was made to make this decision and announce that will no longer serve U.S. Users because of the problems that banks made of this exchange and the governmental agency’s pressure that gave Bitfinex.

Does Bitfinex accept U.S. customers?

The answer to this question is obvious. Bitfinex may change its rules over the different times and conditions or governments and banks change their rule to ease the access to Bitfinex for American. So for finding out that whether can Bitfinex accept an American user or not, you’d better ask Bitfinex’s support group to make sure about this. They will give you the right answer and will guide you for the perfect next move.