Bitfinex- bank blocked all their deposits

[franky1]

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)

actually bitfinex 'dun goofed' they thought by using tether they didnt have to follow al fiat regulations.
but because tether is a 1:1 pegged currency to fiat, it is deemed as a 'virtual/e-money' representation of fiat' and thus still has to abide by fiat regulations..

much like paypal dollars in their mysql database is not real fiat, it is 'virtual/e-money representation of fiat'

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

[Rinder]

Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

[Decoded]

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

[leopard2]

What a coincidence, that US exchanges are fine while others are getting rekt by US banks

This stinks.

IMHO USA have taken stance, we cannot kill crypto, so let's at least control it and make sure no one can buy BTC without being properly registered in NSA database....

[Naokia980]

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

[leopard2]

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

they realized it is economic warfare and you cannot sue your enemy in a war....perhaps they should tether to Gold or a basket of non-USD currencies, that would limit Uncle Sam banks influence (USD almost always requires US intermediary, this was also used as a weapon against Swiss banks)

[MingLee]

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

I haven't had any bad experiences using US banks when it comes to getting fiat for my Bitcoin, but I never really verbalize any of that so chances are they don't think twice about anything that I'm doing.
It doesn't surprise me that Bitfinex is having a hard time considering everything that's been going on, but they should be getting it fixed rather soon, I'd assume. They can't let their exchange be out of commission for too long, and having delays means users moving to other exchanges. Not a good thing.

[Kemarit]

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

I think this is the final nail in the coffin for Bitfinex. Their reputation are already ruined in the crypto community and its very hard to recover from all the problems they face and brought to the community. Its just a matter of time before it collapsed. Heck, they may even face lawsuit from their customers who can't withdraw their money. And it you look at the price btc in Bitfinex is way above some major exchanges. This is so alarming as they are creating a bubble that is going to burst soon. And we don't want that to happen because bitcoin price is really gaining momentum and may be touching a new ATH again.

[Wind_FURY]

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)

actually bitfinex 'dun goofed' they thought by using tether they didnt have to follow al fiat regulations.
but because tether is a 1:1 pegged currency to fiat, it is deemed as a 'virtual/e-money' representation of fiat' and thus still has to abide by fiat regulations..

much like paypal dollars in their mysql database is not real fiat, it is 'virtual/e-money representation of fiat'

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

Maybe it is that reason why their bank accounts are all frozen? I believe there is more to the story than a simple KYC/AML problem. Insolvency could not really be Bitfinex's main problem.

[bfx_brandon]

My opinion is that it's anti-competitive practice by the large correspondents under the guise of KYC/AML. We comply with KYC/AML regulations for all users that wish to move fiat in or out. If you utilize Tether to move fiat in or out, you have to be doubly verified by Bitfinex and by Tether.

It's no secret that the large correspondents are investigating their own implementations of "blockchain" and not Bitcoin. Correct me if I'm wrong, but I believe the US exchanges that wire USD do not wire USD beyond US borders; rather, they perform wires in foreign currencies once they're requested across the border.

[mayax]

My opinion is that it's anti-competitive practice by the large correspondents under the guise of KYC/AML. We comply with KYC/AML regulations for all users that wish to move fiat in or out. If you utilize Tether to move fiat in or out, you have to be doubly verified by Bitfinex and by Tether.

It's no secret that the large correspondents are investigating their own implementations of "blockchain" and not Bitcoin. Correct me if I'm wrong, but I believe the US exchanges that wire USD do not wire USD beyond US borders; rather, they perform wires in foreign currencies once they're requested across the border.

the biggest US exchangers are ALL licensed to do that. this is the Bitfinex's issue. you earned a LOT of money and you didn't apply for a financial license somewhere. why?

yes, you won't be able to make "dirty" money anymore but you already have enough so you play clean from now on

 don't stay in shadow like the rats. a genuine financial business can't be run without being licensed.

[timerland]

Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

Im actually afraid that bitfinex is not going to recover this time, this is such a big issue for them, that the prices of bitcoin on this market has increased very significantly: comparing it to the rates on other cryptocurrency exchanges.
Obviously, that was because the bank accounts was blocked, and there was a panic buying of bitcoins to withdraw them from the exchange as soon as possible.

In my opinion, government decretes may lead to a very serious problems for different exchanges, because if the bank accounts of the companies are going to be frozen, the clients are not going to be able to recover their money.
For me, this looks like a issue that is not possible to avoid by the companies, unless the goverment will start discussing about cryptocurrencies, and maybe there would be a possibility to convince the authorities, to implement bitcoin as a way of settlements.

[shinratensei_]

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

There is a possibility for bitfinex will become another cryptsy!!!! (not yet)
Although it is not their fault. In this case, the bank has held a big role.
The possible party to make an intervention to the bitfinex is only bank itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

Nope, the problem is on his wire transaction. If they will not be announcing another hacked case to attacking his site and it will never prevent the bullish trend of bitcoin.

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

There is no friendly bank with bitcoin. Bitcoin has been running without a regulation.  

[RoommateAgreement]

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again.

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

i don't know what "plaster saint means"
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

[Wind_FURY]

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again.

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

i don't know what "plaster saint means"
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

Plaster saint means hypocrite. You make it appear in your first reply to me that only fiat fans want the price of Bitcoin to go up. Are you not a fiat fan? Of course you are, we all are!

[deisik]

Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

Im actually afraid that bitfinex is not going to recover this time, this is such a big issue for them, that the prices of bitcoin on this market has increased very significantly: comparing it to the rates on other cryptocurrency exchanges.
Obviously, that was because the bank accounts was blocked, and there was a panic buying of bitcoins to withdraw them from the exchange as soon as possible

Personally, I don't think this is a big issue, really

And it is certainly nothing compared to the hack they suffered in last August (if it was a hack, indeed). Bank withdrawals (as well as deposits) were always (and likely still are) a cause of massive headaches for most Bitcoin exchanges. Some exchanges (e.g. Btc-e) solve this issue by allowing their clients to create so-called vouchers which could be redeemed at various exchangers (these are different from exchanges) not even remotely affiliated with the exchange which issued them. I guess this is what Bitfinex should do, and then no bank will be able to hit it strong. It looks like they were too heavily relying on the banking system and it backfired in the end

[QuestionAuthority]

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again.

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

i don't know what "plaster saint means"
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

Plaster saint means hypocrite. You make it appear in your first reply to me that only fiat fans want the price of Bitcoin to go up. Are you not a fiat fan? Of course you are, we all are!

There are a few people on the forum that hate fiat. They live in a fantasy land where Bitcoin is the world currency and there is no government, big banks or taxes because Bitcoin washed it all away. Government is a tiny little thing who's only real job is annual mosquito control at lakes and ponds. Everyone is free to rape, pillage, do drugs, shoot machine guns in their back yard and generally do anything they want to do. When I was young we called these type of people lunatics. Today they're called libertarians. LOL

[audaciousbeing]

Situation like this is a testimony that bitcoin cannot stand in the vacuum without relying on the existing financial system in which banks are  a major facilitator for that. It also shows even if government cannot find a loophole to control bitcoin cannot ban the currency, they can go further by after not recognising the currency then frustrate every move to make transaction seamless because in actual fact bitcoin can't survive without fiat.

[n0ne]

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again.

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

i don't know what "plaster saint means"
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

Plaster saint means hypocrite. You make it appear in your first reply to me that only fiat fans want the price of Bitcoin to go up. Are you not a fiat fan? Of course you are, we all are!

There are a few people on the forum that hate fiat. They live in a fantasy land where Bitcoin is the world currency and there is no government, big banks or taxes because Bitcoin washed it all away. Government is a tiny little thing who's only real job is annual mosquito control at lakes and ponds. Everyone is free to rape, pillage, do drugs, shoot machine guns in their back yard and generally do anything they want to do. When I was young we called these type of people lunatics. Today they're called libertarians. LOL

Fiat is the base even for the success of bitcoin as a potential digital currency. Without fiat system nothing works in a perfect​manner as it is now. Every user in one or the other way depends on fiat. Recently in an article saw a person who has started exploring without using fiat and only using bitcoin directly searching and finding service providers around the globe.

[TastyChillySauce00]

Situation like this is a testimony that bitcoin cannot stand in the vacuum without relying on the existing financial system in which banks are  a major facilitator for that. It also shows even if government cannot find a loophole to control bitcoin cannot ban the currency, they can go further by after not recognising the currency then frustrate every move to make transaction seamless because in actual fact bitcoin can't survive without fiat.

That's actually right. Some people here repetitively saying that bitcoin will eventually destroy fiat but in fact, they're all really wrong, people who use bitcoin just have one purpose, exchanging their bitcoin to fiat at the end.
As many economics said that bank is a core of the economy, without it, a government will have a weak economy because almost every country in this world has the banking system.
Just people here need to be realistic that destroying bank would indirectly affect their bitcoin.