Bitfinex banning US citizens on Nov 9. Another dip coming up?

[urp0k1911]

https://www.bitfinex.com/posts/227

Should we expect another dip? Will other exchanges follow? Why? Do you guys have any answers?

[Zakhal]

Do they even know who is US customer and who is not? They dont ask IDs in Bitfinex unless you are a whale or something.

[Shotz]

Do they even know who is US customer and who is not? They dont ask IDs in Bitfinex unless you are a whale or something.

It's not that hard to tell who is from US if they aren't hiding their IP.  US customers could simply use a offshore VPS, VPN or TOR though.

[MoonIsBlue]

https://www.bitfinex.com/posts/227

Should we expect another dip? Will other exchanges follow? Why? Do you guys have any answers?

SEC has made an anouncement to crack down on exchanges and attempt a full on crash of no recovery with Bitcoin. I think they are just butthurt.
They can't really find an institution or body to talk to about this because everything is decentralized (hahahahaha) so they see harassing exchanges as their only option.

[boyrocky]

every dip is an opportunity

[swissgang]

This is a not a thing we all should worry about it. If you are a us citizen and use bitfinex, you shouldn't use it anymore, why does this cause market to crash ?

[crofly]

Well they started in August already with stoping services to US citizens, so i don't think much will happen.
No verificaction and not beeing able to trade erc20 tokens

https://www.bitfinex.com/posts/216/review

[Febo]

https://www.bitfinex.com/posts/227

Should we expect another dip? Will other exchanges follow? Why? Do you guys have any answers?

Not sure of what reason I thought Bitfinex is USA exchange. It is actually a Chinese from Hong Kong.   It is godo that they informed their customers in advance.  Not totally similar, but some exchanges just changed without announcement that you cant withdraw crypto without being verified.

[tobs]

I think US citizens are generally banned from most of the crypto related stuff. They can't even participate in any ICO offerings and every ICO at their token sale has to put that disclaimer, yet who can prove if this ethereum address belongs to US citizen. I mean the whole idea of blockchain and cryptocurrencies is to provide anonimity. There are other exchanges that doesn't require id verification or that don't ban US users, there is no need to panic.

[coyote50]

I think US citizens are generally banned from most of the crypto related stuff. They can't even participate in any ICO offerings and every ICO at their token sale has to put that disclaimer, yet who can prove if this ethereum address belongs to US citizen. I mean the whole idea of blockchain and cryptocurrencies is to provide anonimity. There are other exchanges that doesn't require id verification or that don't ban US users, there is no need to panic.

that's not true at all. i'm a US citizen and i invested in the Electroneum ICO

[Coinmanic]

Does a VPN really hid your address?  I know it can route you to other countries, but there has to be a trace back if someone really wants to know.  I don't know, but it seems like everything else can be tracked.

Thanks

[rayk]

It may lead to a dump or crash, it seems this news is not hot now. We will see if it will affect the market or not, bitfinex is world's largest exchange though.

[paladium]

I think it was true. There are too many alternative stock exchanges for American citizens.

[crofly]

Does a VPN really hid your address?  I know it can route you to other countries, but there has to be a trace back if someone really wants to know.  I don't know, but it seems like everything else can be tracked.

Thanks

It doesn't hide it per se, it masks it to a different to the one of the vpn provider, so it looks like you come from there. But tt can be retraced if you got access to the details of the vpn provider.

[BitV666]

Well that's a reputable exchanger. Well at least they gave a notice 15 days before banning American citizens,
Unlike scam-con artists Bittrex.com banning everyone without a notice.
Good job we need more people like you In crypto eco system.

[greyworld]

Just a note to people on this thread saying, basically, 'how will they ever know who is where?'... they know, and not from IP lookups.  KYC ("Know Your Client") laws require a verified, valid ID (front / back of drivers license or gov ID, or a passport photo), which then gets uploaded to a provider like Jumio or Onfido, who's job is to confirm the identity shown is linked up to the name provided.  So that confirms identity, pretty well.  Then the next step is for the user to provide a photo/scan of a document that proves residence.  A power bill, a lease agreement, etc.  There's dozens of document types that work for this and the same KYC provider will then review that document to confirm the user lives where they say they do.  This service isn't exactly cheap, usually each one of these checks costs $5-$10, regardless of the outcome.  If you already have the documents photographed and ready to upload, the whole process takes about 10 minutes.

[coyote50]

Well that's a reputable exchanger. Well at least they gave a notice 15 days before banning American citizens,
Unlike scam-con artists Bittrex.com banning everyone without a notice.
Good job we need more people like you In crypto eco system.

who did bittrex ban?

[Karto]

Do they even know who is US customer and who is not? They dont ask IDs in Bitfinex unless you are a whale or something.

sure they know, if you try to make a withdrawal to the fiat currency to your bank

thats sad

Well that's a reputable exchanger. Well at least they gave a notice 15 days before banning American citizens,
Unlike scam-con artists Bittrex.com banning everyone without a notice.
Good job we need more people like you In crypto eco system.

bittrex just downgrading people now...

[coyote50]

I just checked my Bittrex account, haven't used it in a while. Still enhanced, nothing changed. Still have a 100BTC daily withdrawal limit

[BitV666]

They automatically disabled all people from (Iran,Syria,North Korea) OFAC-restricted countries.
Without warning their customers to take out their coins before termination.
As for now they're reviewing each one case by case.