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World's 2nd largest Exchange- BITFINEX nearing a fateful end?

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World's 2nd largest Exchange- BITFINEX nearing a fateful end?

Post by blockano on Mon Apr 17, 2017 9:15 pm

The lack of licensing on part of BITFINEX led to some trouble in 2016 as CFTC decided to fine them some $75,000 for “offering illegal off-exchange financed retail commodity transactions and failing to register as a futures commission merchant.”

The exchange, for example, froze twice around June last year, leading to a price crash in bitcoin of around $100 each time.

In August 2016, the exchange was hacked out of nearly 120,000 bitcoins.

Wells Fargo, an intermediary bank, has stopped processing Bitfinex’s transfers, which may mean money can’t move.
This may be a dangerous situation, similar to MT Gox’s predicament just a few months before it declared bankruptcy in 2014. We still don't know what exactly happened at Mt. Gox, but the exchange was at the time very much in the eyes of regulators and enforcement agencies, which froze their dwolla funds, with banks then seemingly taking action.

Following CFTC’s fine, BITFINEX now appears to be courting regulator’s attention, with Wells Fargo’s action seemingly suggesting banks may be moving in.

I'm just worried about how to go about Margin Trading if our beloved BITFINEX (also) falls through?????

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Re: World's 2nd largest Exchange- BITFINEX nearing a fateful end?

Post by Martina32 on Mon Apr 17, 2017 10:17 pm

Bitfinex Sues Wells Fargo Over Bank Transfer Freeze alleging that the bank has prohibited four Taiwan-based banks that do business with Bitfinex from completing outbound wire transfers. The banks in question, according to the filed complaint, are KGI Bank, First Commercial Bank, Hwatai Commercial Bank and Taishin Bank.

http://www.coindesk.com/bitcoin-exchange-bitfinex-sues-wells-fargo-over-bank-transfer-freeze/

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Re: World's 2nd largest Exchange- BITFINEX nearing a fateful end?

Post by Martina32 on Mon Apr 17, 2017 10:18 pm

There's still hope my friend. Hope Bitfinex doesn't share Mt. Gox's fate

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Re: World's 2nd largest Exchange- BITFINEX nearing a fateful end?

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