[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[mayax]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients; obvious you are not. more than that, you are not licensed in BVI (where your company is registered) too.
in short, you are running an illegal business    If not, please accept my apology and please provide us your financial license(s).

[1714602511]

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[1714602511]

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[zanetackett]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Don't mind me asking, but can you prove that you are "Director of Community & Product Dev. @Bitfinex.com" ?

Sure, how would you like me to go about that? You can look at my history and i think it's pretty clear that I am who I say I am. But i'll post a comment in https://www.reddit.com/r/BitcoinMarkets/comments/4mlujc/daily_discussion_sunday_june_05_2016/ with my verified reddit account.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients;

This isn't entirely true, there are different ways you can go about it. For example, itBit doesn't have an MSB for every state but are able to accept US customers because they have a bank charter. As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's.

[mayax]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Don't mind me asking, but can you prove that you are "Director of Community & Product Dev. @Bitfinex.com" ?

Sure, how would you like me to go about that? You can look at my history and i think it's pretty clear that I am who I say I am. But i'll post a comment in https://www.reddit.com/r/BitcoinMarkets/comments/4mlujc/daily_discussion_sunday_june_05_2016/ with my verified reddit account.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients;

This isn't entirely true, there are different ways you can go about it. For example, itBit doesn't have an MSB for every state but are able to accept US customers because they have a bank charter. As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's.

could you please provide that "bank charter" for your company? the product you offer(in your case, products) has to be owned by the bank to get the 50 States MSB exemption. also, if you get a trust charter in New York it doesn mean you qualify for all the STATES (and you accept clients from all USA).

The laws that permit banks to open branches in other states through nationwide reciprocity don't fit the operational model of "Bitcoin exchanger" or even a trust charter.

Example :Louisiana, requires an out-of-state bank to be a "federally insured depository" institution to qualify for a licensing exemption.  

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

How can  you have a bank charter in USA when your company is registered in BVI? If you own a trust/bank charter in USA you are require by the banking laws to provide this information on your website(in a visible place). I don't wanna go in details and to mention that you don't have any physical address on your website. A bank charter without office

Please provide the proof for your words: "As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's"

[deisik]

Please provide the proof for your words: "As such we have addressed this issue [in] a manner so that we remain compliant without going state by state getting MSB's"

I guess you ask too many questions, lol. You should read the last part as something like "we have written an answer to the CFTC (or whatever) allegations so we deem ourselves fully compliant to whatever claims they might further bring forward without doing anything else"...

Though I would like to hear something more coherent as reply myself

[mayax]

Please provide the proof for your words: "As such we have addressed this issue [in] a manner so that we remain compliant without going state by state getting MSB's"

I guess you ask too many questions, lol. You should read the last part as something like "we have written an answer to the CFTC (or whatever) allegations so we deem ourselves fully compliant to whatever claims they might further bring forward without doing anything else"...

Though I would like to hear something more coherent as reply myself

I m asking for some "support"(proof) for Bitfinex's words. It is not about CFTC . They said that they have a bank charter in USA and I am asking for a simple proof(document) of that. It is not a secret and you are required by law to inform your clients about this thing

[deisik]

Please provide the proof for your words: "As such we have addressed this issue [in] a manner so that we remain compliant without going state by state getting MSB's"

I guess you ask too many questions, lol. You should read the last part as something like "we have written an answer to the CFTC (or whatever) allegations so we deem ourselves fully compliant to whatever claims they might further bring forward without doing anything else"...

Though I would like to hear something more coherent as reply myself

I m asking for some "support"(proof) for Bitfinex's words. It is not about CFTC . They said that they have a bank charter in USA and I am asking for a simple proof(document) of that. It is not a secret and you are required by law to inform your clients about this thing

By which law, I'm sorry? I'm only asking if you fully understand that Bitfinex (as well as many other such exchanges) may consider themselves as beyond (or above, lol) any law altogether. And now you are vexing them with these annoying questions...

I'm the law!

[Xiaoxiao]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

I thought BFX accepts US clients already.  Did they not accept US clients before?

[zanetackett]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Don't mind me asking, but can you prove that you are "Director of Community & Product Dev. @Bitfinex.com" ?

Sure, how would you like me to go about that? You can look at my history and i think it's pretty clear that I am who I say I am. But i'll post a comment in https://www.reddit.com/r/BitcoinMarkets/comments/4mlujc/daily_discussion_sunday_june_05_2016/ with my verified reddit account.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients;

This isn't entirely true, there are different ways you can go about it. For example, itBit doesn't have an MSB for every state but are able to accept US customers because they have a bank charter. As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's.

could you please provide that "bank charter" for your company? the product you offer(in your case, products) has to be owned by the bank to get the 50 States MSB exemption. also, if you get a trust charter in New York it doesn mean you qualify for all the STATES (and you accept clients from all USA).

The laws that permit banks to open branches in other states through nationwide reciprocity don't fit the operational model of "Bitcoin exchanger" or even a trust charter.

Example :Louisiana, requires an out-of-state bank to be a "federally insured depository" institution to qualify for a licensing exemption.  

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

How can  you have a bank charter in USA when your company is registered in BVI? If you own a trust/bank charter in USA you are require by the banking laws to provide this information on your website(in a visible place). I don't wanna go in details and to mention that you don't have any physical address on your website. A bank charter without office

Please provide the proof for your words: "As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's"

I never said we had a bank charter, you just jumped to that conclusion without reading the next sentence. I said that there is more than one way to approach regulation as opposed to you stating that the only way to be compliant is going state by state getting MSBs and then gave you an example.

As for asking for proof about being compliant, go read the settlement and order from the CFTC, then go read our ToS, and you can decide for yourself if you think we've done enough to be compliant. For a good idea of the context of the settlement and a bigger view I would suggest reading this: http://www.coindesk.com/cftc-bitfinex-enforcement-bitcoin-exchanges/

If you'd like to have a civil conversation i'm more than happy to, if you just want to ramble without actually reading what I write go for it, but I'm not going to waste my time responding.

[zanetackett]

Please provide the proof for your words: "As such we have addressed this issue [in] a manner so that we remain compliant without going state by state getting MSB's"

I guess you ask too many questions, lol. You should read the last part as something like "we have written an answer to the CFTC (or whatever) allegations so we deem ourselves fully compliant to whatever claims they might further bring forward without doing anything else"...

Though I would like to hear something more coherent as reply myself

No, I have no problem answering his questions. I just don't frequent this forum, I spend most of my time on /r/bitcoinmarkets, if you message or mention me there I'll get back much faster. I've responded to him btw if you'd like to read it. Let me know if you have any questions.

I thought BFX accepts US clients already.  Did they not accept US clients before?

Yes, we did, and we still do

[mayax]

hey, what about this:

RELEASE: PR7380-16  June 2, 2016
CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant
http://www.cftc.gov/PressRoom/PressReleases/pr7380-16

Is Finex accepting US clients? That's dangerous.

We do accept US clients and have settled any alleged violations with the CFTC, made the changes required to become compliant and US customers can deposit fiat, trade on margin, and withdraw fiat same as before.

Don't mind me asking, but can you prove that you are "Director of Community & Product Dev. @Bitfinex.com" ?

Sure, how would you like me to go about that? You can look at my history and i think it's pretty clear that I am who I say I am. But i'll post a comment in https://www.reddit.com/r/BitcoinMarkets/comments/4mlujc/daily_discussion_sunday_june_05_2016/ with my verified reddit account.

Acorrding to Fincen, you need to be a licensed MSB in each state from USA if you want to accept US clients;

This isn't entirely true, there are different ways you can go about it. For example, itBit doesn't have an MSB for every state but are able to accept US customers because they have a bank charter. As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's.

could you please provide that "bank charter" for your company? the product you offer(in your case, products) has to be owned by the bank to get the 50 States MSB exemption. also, if you get a trust charter in New York it doesn mean you qualify for all the STATES (and you accept clients from all USA).

The laws that permit banks to open branches in other states through nationwide reciprocity don't fit the operational model of "Bitcoin exchanger" or even a trust charter.

Example :Louisiana, requires an out-of-state bank to be a "federally insured depository" institution to qualify for a licensing exemption.  

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

How can  you have a bank charter in USA when your company is registered in BVI? If you own a trust/bank charter in USA you are require by the banking laws to provide this information on your website(in a visible place). I don't wanna go in details and to mention that you don't have any physical address on your website. A bank charter without office

Please provide the proof for your words: "As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's"

I never said we had a bank charter, you just jumped to that conclusion without reading the next sentence. I said that there is more than one way to approach regulation as opposed to you stating that the only way to be compliant is going state by state getting MSBs and then gave you an example.

As for asking for proof about being compliant, go read the settlement and order from the CFTC, then go read our ToS, and you can decide for yourself if you think we've done enough to be compliant. For a good idea of the context of the settlement and a bigger view I would suggest reading this: http://www.coindesk.com/cftc-bitfinex-enforcement-bitcoin-exchanges/

If you'd like to have a civil conversation i'm more than happy to, if you just want to ramble without actually reading what I write go for it, but I'm not going to waste my time responding.

You said : " As such we have addressed this issue a manner so that we remain compliant without going state by state getting MSB's."[/i]  

What's your solution to be compliant (approach regulation) with the US laws while you don't  have a bank charter and you are not a  MSB?

CFTC has no attribution related to  MSB. You may be compliant now with CFTC but you are not with FINCEN and with the Bank Secrecy Act who is requiring you to have a financial license in each state you operate(you have clients).
You are in the business of selling, buying, and exchanging bitcoin and you  definitely need an MSB license.

My questions were simple but you avoid to answer. It is a civil conversation. I am smiling and I am asking you friendly :

Also, you operate in EU where a financial license is mandatory as well. Do you have a such license for European Union (as...Circle) ?

On your website, it's saying "a)   where you are a U.S. Person, BFXNA Inc.
BFXNA = a BVI company

BVI is a country who requires a financial license for your kind of activity. I did not find your company along  BVI Financial Services Commission's list.  Why?

Last frindly question : do you have any financial license in any country that allows you to run your financial business?

Your clients must know what company they are using, if that company is in good standing and compliant with everything. It's not something rude from my part to ask NORMAL questions.

Thank you !

[zanetackett]

You're not reading my replies. First, you based all your points on the basis that you have to have an MSB, I showed you one way that's not true. Now you're assuming that the only two ways are obtaining MSBs or getting a bank charter. The thing you're missing is that there are multiple (as in more than two) ways of being compliant with fincen, as I said in my first and second comment (apparently you glossed over both) not just MSB or a banking charter. Your entire argument is based on flawed assumptions.

[mayax]

You're not reading my replies. First, you based all your points on the basis that you have to have an MSB, I showed you one way that's not true. Now you're assuming that the only two ways are obtaining MSBs or getting a bank charter. The thing you're missing is that there are multiple (as in more than two) ways of being compliant with fincen, as I said in my first and second comment (apparently you glossed over both) not just MSB or a banking charter. Your entire argument is based on flawed assumptions.

I have read your replies but you are elusive.

You told me that you can have a bank charter without being MSB and I told you this only works in few states and not in all 50. Yes, it works if you are a bank charter in all the states. Are you?

I asked you how can you can be registered in BVI without having a license in BVI(as the local law requires) and so on.

You are welcome to explain in few words how you can work in USA, BVI or EU without being MSB or financial licensed. I am sure your clients and your potential clients want to know "who you are".

Compliant with Fincen it doesn't mean just being registered with them. Any company worldwide can register with Fincen but that doesn't mean that you are a MSB. That's why I am curious(I am sure that many others) about that.

Coinbase, Circle and others who already have licenses in almost all the USA(Circle in EU too) may be curious too. Are they and their lawyers so dumb to pay A LOT of money for being compliant in each state from USA?

Maybe they are and that's why please (in a friendly manner) explain.

Thank you.

[Bonez0r]

Is it just me or is auto renew (in the margin funding tab) not working since today?

edit: seems to be working again.

[Xantrax]

Why so long BTC withdrawal processing? Already waiting more than 3 hours... Please support help process withdrawal quickly: Withdrawal 1085090

Already processed.

Thanks

[Anastasios]

Just a general question, I read some where some time that corporate users account for the majority of the volume on bitfinex, is this true?

[birr]

Just a general question, I read some where some time that corporate users account for the majority of the volume on bitfinex, is this true?

Anybody can register an LLC and a bank account under the corporate name. And you should, if you're gonna send big wires.
Opening a corporate account at finex isn't hard.  I did it.
A "corporation" can be a one-man operation, it doesn't have to be a big company.

[deisik]

Just a general question, I read some where some time that corporate users account for the majority of the volume on bitfinex, is this true?

Anybody can register an LLC and a bank account under the corporate name. And you should, if you're gonna send big wires.
Opening a corporate account at finex isn't hard.  I did it.
A "corporation" can be a one-man operation, it doesn't have to be a big company.

As I understand it, if registered as a business, you will have to fill out a lot of papers, even if you don't (officially) book any profits. So what's the catch and is it really worth it?

Does Bitfinex limit the amount of money transferable for an individual (not business)?

[birr]

Just a general question, I read some where some time that corporate users account for the majority of the volume on bitfinex, is this true?

Anybody can register an LLC and a bank account under the corporate name. And you should, if you're gonna send big wires.
Opening a corporate account at finex isn't hard.  I did it.
A "corporation" can be a one-man operation, it doesn't have to be a big company.

As I understand it, if registered as a business, you will have to fill out a lot of papers, even if you don't (officially) book any profits. So what's the catch and is it really worth it?

Does Bitfinex limit the amount of money transferable for an individual (not business)?

You're talking through your hat, boyo.
There's no reason for you to do any research on the issue because you aren't a big player.
Try buying $800,000 worth of XBT over the course of a year, as a private person, and let us know how that works for you.
Bitfinex doesn't care how much money you send them, but your bank cares because it is regulated up the wazoo (at least in the U.S.).

[deisik]

You're talking through your hat, boyo.

I asked a question (actually two). Just in case that simple fact failed to get through

Try buying $800,000 worth of XBT over the course of a year, as a private person, and let us know how that works for you. Bitfinex doesn't care how much money you send them, but your bank cares because it is regulated up the wazoo (at least in the U.S.)

I don't know about you, but in no circumstances I would buy $800,000 worth of bitcoins (even if I had $800,000, to begin with). Should I conclude that you habitually (or at least annually) buy and sell such amounts of bitcoins (dollars)?

[Anastasios]

Just a general question, I read some where some time that corporate users account for the majority of the volume on bitfinex, is this true?

Anybody can register an LLC and a bank account under the corporate name. And you should, if you're gonna send big wires.
Opening a corporate account at finex isn't hard.  I did it.
A "corporation" can be a one-man operation, it doesn't have to be a big company.

I understand that both account types can be made by the same type of user for the same purpose but I remember reading somewhere that the majority of the volume is done by corporate accounts, and I just wanted to check my sources