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Bitfinex just announced that it is immediatly curtailing the services provided to U.S. customers and within 90 days will no longer serve the U.S. market. Their official announcement puts it plainly:
“Over the next 90 days, we will be discontinuing services to our existing U.S. individual customers.”
At press time, Bitfinex had the highest volume on the USD/BTC trading pair of any exchange.
The reasons
The exchange lists several reasons behind their decision to no longer do business with U.S. customers:
While we have been able to normalize banking for some corporate customers and individuals in certain jurisdictions, compliant banking solutions for U.S. individuals remain elusive. We have been slowly and selectively inviting users in particular jurisdictions who meet set criteria to start using banking channels that have come online. This process is ongoing.
A surprisingly small percentage of our revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal and regulatory.
We anticipate the regulatory landscape to become even more challenging in the future.
Bitfinex is not based in the United States. Exchanges based in the U.S. are better positioned to properly service retail U.S. customers.
“Over the next 90 days, we will be discontinuing services to our existing U.S. individual customers.”
At press time, Bitfinex had the highest volume on the USD/BTC trading pair of any exchange.
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