Multiple involved U.S. company prospects of Bitfinex have posted on Reddit after discovering that they had been unable to entry the trade’s margin buying and selling services. Although Bitfinex has beforehand indicated that it will not permit U.S people to entry the trade’s services, Bitfinex’s help portal presently states that the restrictions don’t have an effect on U.S. company prospects.
Also Read: U.S. Regulators Send Tether and Bitfinex Subpoenas
Bitfinex Restricts U.S. Corporate Account Holders From Accessing Margin Markets
In current days, a number of Redditors claiming to be U.S.-based company prospects of Bitfinex have complained that they’ve immediately discovered themselves unable to entry the trade’s margin services.
Last 12 months, Bitfinex introduced that it will terminate its services to U.S. retail prospects in November. However, the corporate assured company prospects that “the restriction affects individuals accounts only” – as presently acknowledged by the FAQ part of Bitfinex’s help 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, stating that the problem had been “forwarded to the team to resolve for you.” Bill_bfx acknowledged that “a US corporate customer […] should not be using margin trading,” nevertheless, famous that “if you have open positions it is not acceptable to block you from closing them.”
The Redditor acknowledged the response and acknowledged he would replace the thread if his concern was resolved. As of this writing, no indication has been made that the state of affairs 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 Redditor has not obtained a response from Bitfinex, regardless of instantly questioning bill_bfx concerning the matter on a special thread. Though Bill_bfx didn’t reply to the Redditor’s question, nevertheless, a day later, Bill_bfx did discover time to post a sarcastic response to a trollish touch upon the identical thread.
Do you assume that extra exchanges will transfer to limit entry from U.S. prospects? Share your ideas within the comments part below!
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