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

[medicine]

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion

Yes, I also received this a couple weeks ago.  I filled out the form and sent it in along with my comments about how angry I was about it.  They understood and I am still trading. 

They do need to be much more active by making announcements on their website and on Bitcoin talk I agree.  I hate these out of the blue changes they implement with absolutely no notice what so ever.

[MustMan]

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion

yes, my account has been verified.

Nevertheless, I support these procedures for security reason.

[MustMan]

They do need to be much more active by making announcements on their website and on Bitcoin talk I agree.  I hate these out of the blue changes they implement with absolutely no notice what so ever.

+1

[DoubleSwapper]

Received this today.

--------------

Dear Mr.


We at Bitfinex continue to work hard to provide you with the best and most secure Bitcoin trading platform. On April 4, 2014 Bitfinex was nominated the “Best Bitcoin Trading Platform 2014” by The European Magazine and we are working hard to make your investment experience even better.


As part of our drive to ensure a secure trading platform we are working with regulators to enhance our customer due diligence as required under official anti-money laundering (AML) and counter terrorism financing (CTF) regulations. We have recently reviewed your customer information and noticed the following additional information is required;

1.       Second form of identification with picture (both sides) such as a national ID or driver licence

2.       Bank Statement with your name and address – not older than 3 months

 

Please gather and collect the outstanding information and return to Bitfinex via email to compliance@bitfinex.com within 30 days or we will be forced by law to suspend your account.


We also require you to complete, scan and return to us the attached “Source of Funds and Trading Experience” questionnaire. This information is a legal requirement under AML/CTF regulations.


We apologize for any inconvenience in gathering the required information noted above.

 

Best Regards


Adam Clarke and Matt Tremblay

Bitfinex Compliance Team

That's very interesting. I feel I might be in for something like this as well very soon. Can you post the attached questionnarie or at least the most important questions? Is it simliar to what we've seen from Bitstamp for some time?

[DoubleSwapper]

@ bitfinex team:

1. Why is the swap payment being paid out so late since some time? Wasn't it supposed to be paid out at like 1:00 am? At the moment it's more like 3:00 am? Why is that?

2. Some time ago the paid interest was like 10 % lower than expected and you made some consolidation payment 1 or 2 days later. Could it be that something similar has happened in the last days and the interest rate was calculated too low? Also asking this to other liquidity providers. Have you checked whether your swap payment was correct in the last couple days? At the moment lending is very, very volatile and swaps are taken and returned almost hourly so I am not able to keep track of every loan and it's duration but the last two payments at least seemed a bit low to me although I am not completely sure and it could just be the 15 % taking its dent.

[Sukrim]

There is no real solid way to verify interest payments/amounts from log files other than that they do happen, especially with FRR loans. I did not try to parse these logs and have no intention to - I have to trust Raphy et.al. in that regard I guess. Recently payments actually seemed a bit higher than expected to me, but there might have been some churn (funds being borrowed for less than 1 hour and re-borrowed, so they paid twice or even more often for that single hour) that I wasn't aware of.

[MustMan]

That's very interesting. I feel I might be in for something like this as well very soon. Can you post the attached questionnarie or at least the most important questions? Is it simliar to what we've seen from Bitstamp for some time?

Ok.

BITFINEX_CLIENT AML SOURCE OF FUNDS QUESTIONAIRE

[DoubleSwapper]

There is no real solid way to verify interest payments/amounts from log files other than that they do happen, especially with FRR loans. I did not try to parse these logs and have no intention to - I have to trust Raphy et.al. in that regard I guess. Recently payments actually seemed a bit higher than expected to me, but there might have been some churn (funds being borrowed for less than 1 hour and re-borrowed, so they paid twice or even more often for that single hour) that I wasn't aware of.

I had trust in the correctness of the payments as well until the 10 % thing happened and I also know that the rate had been not correct/not paid before but was corrected later on so I try to at least estimate if the payment is plausible. Calculating it would be such a hassle and that's why I am asking before trying to calculate. Thanks for you opinion!

@MustMan: Thanks! That's pretty detailed although I would really like to hear the government reasoning behind that whole net worth checkbox thing. Looks at least a bit more formal than what bitstamp has been pulling with their 6-question questionnaires.

[whatthesith]

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion

Yes, I also received this a couple weeks ago.  I filled out the form and sent it in along with my comments about how angry I was about it.  They understood and I am still trading. 

They do need to be much more active by making announcements on their website and on Bitcoin talk I agree.  I hate these out of the blue changes they implement with absolutely no notice what so ever.

Agree.

1. I was already in verified status since last year
2. When I withdraw my money last month, they ask me to submit, passport copy and address proof using email
3. Last week, they ask me to fill in the source of fund questionnaire and copy of 2nd ID document using email


And this time the email is specific to a person. I guess Bitfinex has selected whose net worth exceed a certain threshold to send the email.


I suggest Bitfinex should state the AML/KYC requirements and policies CLEARLY in the announcement / FAQ section

1. Different levels of verification
2. Identification document requirement for each level
3. Net worth threshold for each level
4. Withdrawal limit (in terms of amount of fiat / BTC / LTC)  for each level


Now, It looks like that they just set an arbitrary threshold and demand documents from customers. And they don't let customers to choose what level of verification that customer is comfortable with.

[wilfried]

i wont give my data unless its a trusred third party, such as a notary.

[dreamspark]

i wont give my data unless its a trusred third party, such as a notary.

Which means that your funds will be locked and your account closed, no ?

[aonori]

Hello bitfinex, I'm one of your customer.

On total return swap, autorenew has "Notify when offer is taken" option.
But this is not working now, plz fix it.

[dreamspark]

Hello bitfinex, I'm one of your customer.

On total return swap, autorenew has "Notify when offer is taken" option.
But this is not working now, plz fix it.

Yes this hasnt worked for me for a while either.

[MustMan]

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion

Yes, I also received this a couple weeks ago.  I filled out the form and sent it in along with my comments about how angry I was about it.  They understood and I am still trading. 

They do need to be much more active by making announcements on their website and on Bitcoin talk I agree.  I hate these out of the blue changes they implement with absolutely no notice what so ever.

Agree.

1. I was already in verified status since last year
2. When I withdraw my money last month, they ask me to submit, passport copy and address proof using email
3. Last week, they ask me to fill in the source of fund questionnaire and copy of 2nd ID document using email


And this time the email is specific to a person. I guess Bitfinex has selected whose net worth exceed a certain threshold to send the email.


I suggest Bitfinex should state the AML/KYC requirements and policies CLEARLY in the announcement / FAQ section

1. Different levels of verification
2. Identification document requirement for each level
3. Net worth threshold for each level
4. Withdrawal limit (in terms of amount of fiat / BTC / LTC)  for each level


Now, It looks like that they just set an arbitrary threshold and demand documents from customers. And they don't let customers to choose what level of verification that customer is comfortable with.

Can't agree more.

[TalkingBit]

Ummm WTF tried to post few USD swap offers at 0.146% and this kept happening

http://s30.postimg.org/mxfbygyhd/Offer1.png

http://s30.postimg.org/kinge1i8h/Offer2.png

And this briefly popped up!
http://s30.postimg.org/ob6ytrxqp/Huh.png

Tried few times before i realized what kept happening!!!
http://s30.postimg.org/j2bxvwfbl/wtf.png

[DoubleSwapper]

Thanks for posting this! I thought I had made some idiot fat finger mistake but just saw it's actually a bug. The mask doesn't take the rate into account. I also had an offer taken I had already cancelled because of the wrong rate. BFX FIX THIS ASAP!!! Nearly a third of my money lent out for pennies. WTF seriously? When does this platform start buying btc for me on it's own. Something like this mustn't happen under any circumstances!

[DoubleSwapper]

Seems like trading is frozen. No order completed since over two minutes. Price at 446.14130001. Bids and asks getting posted and pulled though.

EDIT: Not frozen.

[DoubleSwapper]

No answers so far, BFX? Don't make me lose faith....

[TalkingBit]

Yeah this is turning ugly api is showing usd swap rate at 0.0002

[unclescrooge]

Hello everyone,

Please don't lose faith so quickly

So yes there was a bug that sent the rate of offers posted to be 365 less than what they should.

It is now fixed as I speak.

if you had offers taken at a rate you did not want to, please send us an email at support@bitfinex.com

Please accept my apologies for the panic caused.

have a good day
Raphael