Bitfinex did not report anything to the Hong Kong police. They lied. There is no investigation from any authority yet.
You can call yourself the police from HK and they will confirm you that.
Well, that's no surprise. Bitfinex is interested in brushing this under the rug, not introducing more law enforcement agencies. They have said that the FBI and some European law enforcement agencies are investigating -- if you want to believe that. I am more curious about the FBI or US Attorney's investigations into Bitfinex's actions. You can't serve US customers then flout US law. That will get your site shut down and bank accounts seized. US Attorney's investigations will start once few US clients will make complaints that Bitfinex has stolen 35% from their money and that Bitfinex is issuing illegal securities like those shit tokens. |
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your advises are good but there are SO many sheep around. many of their clients continue to use those who robbed them while the Bitfinex owners are living in luxury with their money.  |
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the warning is very clear. DO NOT keep your funds with Okcoin.
i guess you should avoid keeping your funds in any exchange not only okcoin, and i'm not trusting any exchange let alone chinese exchange with fake volume, and right now we have only kraken at this point which was not hacked correct! you must withdrawn your remaining funds(if you are a trader) as soon as you hear something like money laundering accusation. OKcoin may be raided any day and the funds will be seized. |
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Is there any licensed exchange available to trade bitcoin? I really don't know. If anyone know about it, then please let us know so that we can start using that exchange.
I am using c-cex since the beginning of my trading so is it also an unlicensed exchange? Just trying to know the truth.
according to their Facebook, they are from Germany but it can be a misleading info. it seems they are from Russia. they have no information about company(very shady website) so they surely have no license. stay away ! Coinbase, Gemini, ItBit, Circle and Bitstamp are the only exchangers (for now) who have financial licenses. |
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Why would anybody use a licensed exchange? If you were going to do that just use your bank account. Obviously, you don't care about the exchange reporting on you.
the traders(they are the majority of clients for an exchanger) are using the bank accounts very often. they want/need cash. also, if you live in EU, USA or other countries where the tax authority is not a joke, you do care about reporting. |
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Because they don`t have choice.Bitcoin is still illegal in some countries. I don`t know is it possible for a cryptocurrency exchange platform to get a license. see Coinbase, Gemini, ItBit, Circle. all these got licenses, so it's possible if you really want to run a legit business |
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thats terrible that so much bitcoins were stolen and people lost their money
am telling you, people lost there money.....and lots of bitcoin were involve.. actually people there lose about 36% of deposit because their balance will be cut off by bitfinex themselves due too much losing,and it's terrible because the one who makes the mistake is bitfinex and not anyone else,the hacker just use the bug on their security let's call it THEFT not hack... Bitfinex didn't provide any information, they didn't announce any law enforcement. we are talking about 70 MIL USD and not about peanuts .  Raphael NICOLLE - Bitfinex owner |
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the warning is very clear. DO NOT keep your funds with Okcoin.
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None of them are in America or places that don't allow unlicensed money exchangers.
any exchanger who is dealing with US clients, it is considered as making business in US soil ,so they must get a financial license(MSB). This is a FINCEN rule. Yes, this is true. However, I think there is some discrepancy in opinion about this: I will only say: XAPO, KRAKEN, POLONIEX. All of them are based in USA and they have NO financial license. Conclusion : they can be shutted down overnight
I don't know about Xapo and Kraken. I would have thought Kraken would be licensed since they do fiat/crypto exchange and fiat deposit/withdrawals. I thought Xapo is just a wallet. Poloniex doesn't take fiat deposit/withdrawal, nor do they allow trading of fiat monies directly. They do allow trading against Tether USD, which is a digital asset backed by USD. That is legally murky and true, it may not cover them. However, I don't think we have precedent to draw on here. Xapo is offering debit cards for BTC withdrawals which is means of payment and bank wire for buying Bitcoin. So, Xapo is an exchanger based in USA without a financial license. Kraken is not licensed and it's registered in USA. Even it's so vocal in the BTC media, with a lot of bla bla, they have NO license. Any exchanger who is financial licensed will not keep hidden this thing . It will put in a visible place because : 1. it's requested by law 2. it's a very good marketing tool. it brings a lot of trust. Don't trust my words. Please do your researches. |
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Officer they had $5 million the day they opened:
There were nine professional players involved with the launch of Full Tilt Poker. These were Phil Ivey, Chris Ferguson, Howard Lederer, Erik Seidel, John Juanda, Andy Bloch, Erick Lindgren, Phil Gordon, and Clonie Gowen. Collectively these pros were known as Team Full Tilt. Tiltware, the software company from California, was also involved and there was an initial budget of $5 million. They operated from 2004 to 2011 as the only online poker site in the world that serviced US citizens and only made $5 million? lol $5 million isn't even a good weekday afternoon for Caesars Palace. Raymond Bitar was the only person ever held liable for wrongdoing and he was an asshole anyway. It was definitely a Cinderella story for poker players. Pokerstars got the DOJ to transfer $547 million to them to "reimburse" the victims. Haha They were given a boost that made them huge all over the world. In 2013 they dealt their 100 billionth hand and have an average of 100,000 customers a day. That sounds like a fairy tale to me.
I said $5 million (USD) in their bank accounts at the time of shutdown. They had massive profits for years, evidenced by the $40 million and multi-asset seizure from Ray Bitar. I'm guessing you were not a player there in the months leading up to the shutdown. The problem was that they were processing incoming deposits from US customers for several months during that period without being able to collect on them. However, they were paying out all withdrawals promptly. That lead to a huge insolvency that came to light after the shutdown. Sure, it was a Cinderella Story for players there (although it took me well over a year to get my money back). Funny thing is that Full Tilt being insolvent meant that the US government shutting down Full Tilt and forcing this deal on Pokerstars was the best thing for Full Tilt customer. Otherwise we may have never been paid (US or not). Pokerstars came out like a champ. An incredibly profitable company that was well capitalized and could save their own ass. Full Tilt was an insolvent wreck of a company headed by absolute buffoons, who pissed away all their money on marketing, then became entirely insolvent by allowing US players to gamble with unreceivable deposits for months on end. Arrogant retards. Bitfinex = Full Tilt. There is no Pokerstars in this equation. You do the math.  That's an interesting comparison but Bitfinex and other Bitcoin companies servicing US customers don't seem to be paying the price for their wrongdoings. The only branch of the US gov that has ever gone after any Bitcoiner is the SEC. The SEC isn't really even punishing the offenders. Look at Trendon Shavers (pirate@40) stole millions running a Ponzi scheme denominated in bitcoins and received 18 months sentence and $1mil fine. That's a slap on the wrist. To be fair, the SEC is exactly who is relevant here when Bitfinex is issuing tradeable debt tokens. Really not sure on the legalities of all that, but seems pretty sketchy, on top of the whole stealing from their customers thing. The CFTC also fined Bitfinex (late last year I think?)...it was for chump change, but means they were/are watching them. Why is the US essentially ignoring Bitcoin criminals?
I think it really depends on whether US customers file complaints with relevant authorities. If it doesn't affect US residents, they don't care. CFTC fined them 2 months ago. Bitfinex issued fraudulent securities(tokens) so, SEC is very interested about that. |
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None of them are in America or places that don't allow unlicensed money exchangers.
any exchanger who is dealing with US clients, it is considered as making business on US soil ,so they must get a financial license(MSB). This is a FINCEN rule. I will only say: XAPO, KRAKEN, POLONIEX. All of them are based in USA and they have NO financial license. Conclusion : they can be shutted down overnight |
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Who is the idiot to throw at least 30 MIL USD on Bitfinex? You can open a BIG exchanger with few millions .
Bitfinex may find a retard who is sitting on a lot of money...you cannot ever know with all the VC hipsters around.
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They obviously dont have choice.Unless governments regulated bitcoin and accept it as currency,they will not give license to bitcoin exchanges wrong. BTC is like a commodity. Any broker/forex/exchanger must get a financial license according to the local/international laws(if they want to operate internationally). More, if they want to operate in USA, the exchanger must get a license from each state(50 licenses in total). If the exchanger wants to deal in European Union, it must get a license in any state from EU and this license will be passported to other EU countries. If the exchanger want to deal in Australia, it must get an license from there too.If it wants to deal in China, it's the same...and so on. This is the way an exchanger is fully in compliance with the law. Be sure that a such exchanger will run over night and it won't make haircuts like Bitfinex did and then to offer you shit tokens. |
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Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities. http://8btc.com/thread-37836-1-1.htmlThe Higher People's Court of Heilongjiang Province, rulled that Okcoin business is illegal because they don't have a proper license. Okcoin company declared that they will only offer: technology development, transfer of technology, technical services, technical marketing, consulting and investment management. Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities. They would need many other licenses. More, the judge said that Okcoin favorize the criminals for laundering money. Okcoin is well know for their shaddy business like fake volumes and price manipulation. Even Lee, the BTC China CEO said that a while ago "... Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand." http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/http://bitcoinpricelive.com/chinese-bitcoins-crash-market/Their clients should be aware that OKcoin can be closed anytime.Don't keep your funds in Okcoin ! Aren't fake volumes and/or price manipulation standard operating procedure for all Bitcoin related exchanges? Maybe for major Chinese exchanges. Huobi has definitely been accused of this as well. But if you compare Okcoin or Huobi's volume to Western exchanges, it seems obvious who is really pumping volume numbers. Okcoin was claiming earlier this year that the entire tradeable supply of Bitcoin was being traded every few days on their exchange. Give me a break. Not nearly enough algos running on Okcoin to even begin to make those claims. That said, I think Bitstamp inflates its volume numbers. all the exchangers are doing this(Bitstamp is well known for fake volumes... ). I personally know someone from a big exchanger and this is the standard procedure. even, it's big, they have a lot of fake transactions just to show that they have BIG volume, that they have many clients and so on. these things attract new clients. a "ghost" exchanger with few trades will not be used. also, the fake volumes are good for price manipulation...the exchangers are not earning from their fees but from other shits |
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Yes, it's not good to deal with unlicensed exchangers but many people are choosing without thinking. Bitfinex just "borrowed some cash"(over 30 MIL USD) from its clients as I warned a while ago. I am sorry that i had right |
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Thanks for posting this! I try to comb through 8btc but it can be quite the headache when you don't read Mandarin. I've always thought Okcoin was shady. First, it was volume pumping allegations, then bucket shop/trading against users/skipping orders allegations. Then the CTO admitting that they gamed the proof-of-reserves audit, and that they trade against users with money unbacked by real assets. They have a real shady corporate structure too, shady people involved (criminals). can you imagine that Okcoin "owns" 80% from BTC trades? The world is up side down. The fraudsters are ruling BTC and the people are OK with that. They keep depositing the money into a DEEP shit whole like Bitfinex even Bitfinex stole their funds; they use unlicensed exchangers and then...they are winning on forums that their money are gone and someone must help them |
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Okcoin, the biggest Bitcoin exchanger(aprox 80% from market) has been found guilty of unlicensed money transmitter(similar license for China) and other illegalities. http://8btc.com/thread-37836-1-1.htmlThe Higher People's Court of Heilongjiang Province, rulled that Okcoin business is illegal because they don't have a proper license. Okcoin company declared that they will only offer: technology development, transfer of technology, technical services, technical marketing, consulting and investment management. Trading bitcoin for profit-making purpose is beyond the range permitted by the administrative authorities. They would need many other licenses. More, the judge said that Okcoin favorize the criminals for laundering money. Okcoin is well know for their shaddy business like fake volumes and price manipulation. Even Lee, the BTC China CEO said that a while ago "... Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand." http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/http://bitcoinpricelive.com/chinese-bitcoins-crash-market/Their clients should be aware that OKcoin can be closed anytime.Don't keep your funds in Okcoin ! |
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Just want to ask anyone who traded there - have they given back your coins after this mega-upgrade or just enabled new deposits?
withdrawing is working fine . I tested it yesterday and It is completed within 30 minutes after I confirmed the request. but there is still a loss which is 36% of the old funds  You are using the website without issues ? how come I'm unable to connect to the website (not the account , but the website isn't even working) The website did not work yesterday. But it is working now. I heard many people are withdrawing from the exchange. more than 65% from their clients already withdrew their funds from Bitfinex. Bitfinex platform will become a ghost shortly. |
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