News

Bitfinex exits the USA after tough new regulations

The USA government regulations are getting worse and worse towards Cryptocurrency & making it harder for anyone to partake, it's becoming a joke now as Bitfinex trading platform gets shut down from USA members.

More sad news for USA Cryptocurrency trading fans which really makes me angry to hear such a good platform like Bitfinex is now not allowed to operate in the USA because of these new regulations that are being implemented.

I swear they just make up rules as they go along.

Members have 90 days to clear all their portfolios and if you have and US holders of ethereum ERC20 tokens have only 5 days to stop trading them on the exchange.

Leading bitcoin exchange by USD volume, Bitfinex, announced on Friday that it is exiting the U.S. retail marketplace. Effective immediately, the exchange no longer accepts verification requests for U.S. Individuals.

Now with a current backlog of verification requests and ongoing difficulties in providing USD deposit and withdrawals for U.S. individuals, we feel that the time has come to begin disengaging from U.S. retail customers.

The bankers are a running scared to what Cryptocurrency is going to achieve & do them and are doing everything they can to try and keep their power.

This is a clear sign of what is going within the industry inside of the US right now!!

” Bitfinex admitted that “compliant banking solutions for U.S. individuals remain elusive.” Consequently, the exchange stated.

Bitfinex expects the U.S. Regulatory landscape to be even more challenging in the future. “Exchanges based in the U.S. are better positioned to properly service retail U.S. Customers,” it wrote.

In addition, the exchange also announced that U.S. customers will no longer be able to trade ERC20 tokens issued through initial coin offerings (ICOs) on the exchange. This part of the changes will commence at noon UTC on August 16.

The U.S. regulatory agency, the Securities and Exchange Commission (SEC), announced in a report the organization conducted research on the current state of Initial Coin Offerings (ICO) which reported the days of all these token sales and the “Wild West” ICO period is likely coming to an end.

The report conveyed a few key statements that established that U.S. federal securities laws would apply to ICOs and digital token sales. Due to the past six months of ICO excitement, raising millions of dollars in crowdsales based off of the Ethereum protocol.

Any Organization Failing to Comply With U.S. Securities Laws Will Be Held Responsible..

"The SEC’s decision reinforces what the blockchain industry already knew: Federal securities laws apply to all new types of technologies,” Nerayoff told Bitcoin.com.  

If anything sold has the characteristics of a security, one must follow U.S. securities laws. This is the case for all technologies. And it should be expected that any organization that fails to comply with the requirements of U.S. securities laws will be held responsible.

It is now clear that some digital currencies will be viewed as securities, depending on how the tokens or coins are structured. Now we’ll see what happens as companies attempt to fit within the SEC’s guidelines.

CONCLUSION

It seems we can not even breathe without the SEC wanting a slice of the pie in today's Crypto world. The US is shooting themselves in the foot with all these regulations and rules that they just keep making up & spoiling what could be so beneficial for millions of people.

Will they look back and regret these decisions in the future as they fight the Crypto world now, but will only have one choice in the future to join and praise the Crypto concept.

What are your thoughts on Bitfinex getting shut down and all these rules the US have to play by?

The Crypto Pro's

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About The Crypto Pro's (38 Articles)
We are the Crypto Pro's team educating and training people on Cryptocurrency & the Blockchain Technology. There is about to be a major shift in the world that will impact many lives. This is the biggest invention of our lifetime so far & we want to help you understand how it works and how you can benefit from this too. Cryptocurrency & the Blockchain will change the world as we know it. So take your time to go through the training's and articles we are here to help you all the way.

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