Multiple involved U.S. company consumers of Bitfinex have posted on Reddit after finding that they had been not able to get entry to the change’s margin buying and selling services and products. Although Bitfinex has in the past indicated that it will now not permit U.S folks to get entry to the change’s services and products, Bitfinex’s give a boost to portal these days states that the constraints don’t have an effect on U.S. company consumers.
Also Read: U.S. Regulators Send Tether and Bitfinex Subpoenas
Bitfinex Restricts U.S. Corporate Account Holders From Accessing Margin Markets
In contemporary days, a number of Redditors claiming to be U.S.-based company consumers of Bitfinex have complained that they’ve all at once discovered themselves not able to get entry to the change’s margin services and products.
Last 12 months, Bitfinex introduced that it will terminate its services and products to U.S. retail consumers in November. However, the corporate confident company consumers that “the restriction affects individuals accounts only” – as these days said by means of the FAQ segment of Bitfinex’s give a boost to portal.
Margin Traders Left Unable to Close Positions
One Redditor posted “We’ve had a corporate account with Bitfinex since early 2017 and [are] approved for both exchange, margin, and funding. […] We’ve been making 6-figure trades on margin and currently have 2 margin positions open. On Feb 7th, […] we were locked out of margin trading. No explanation or warning of why our account can’t trade on margin. Worst yet, we can’t manage our margin positions. Not good in this very volatile market. We’ve received a couple of liquidation warning emails as the market dived down yesterday. We sent a support ticket […] and probably over 7 emails. No response from Bitfinex. It appears that they haven’t even opened any of the emails.”
Later that day, a Bitfinex consultant referred to as “bill_bfx” contacted the Redditor, mentioning that the problem have been “forwarded to the team to resolve for you.” Bill_bfx said that “a US corporate customer […] should not be using margin trading,” on the other hand, famous that “if you have open positions it is not acceptable to block you from closing them.”
The Redditor said the reaction and said he would replace the thread if his factor used to be resolved. As of this writing, no indication has been made that the location has been resolved, regardless of bill_bfx responding to the Redditor 4 days in the past.
Corporate Customers Seemingly Caught Unaware
Another Redditor posted “I’ve been lending on Bitfinex for a while. Earlier today, the API responded that US users are no longer allowed to take or lend any currency denomination […] I understand that US retail customers cannot use it but I believe the policy did not apply to corporate customers. Has there been a recent change in policy? Will it be permanent or is this a temporary measure?”
As of this writing, the second one Redditor has no longer won a reaction from Bitfinex, regardless of at once wondering bill_bfx in regards to the topic on a special thread. Though Bill_bfx didn’t reply to the Redditor’s question, on the other hand, an afternoon later, Bill_bfx did to find time to submit a sarcastic reaction to a trollish remark at the similar thread.
Do you assume that extra exchanges will transfer to limit get entry to from U.S. consumers? Share your ideas within the feedback segment beneath!
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