Corporate clients blocked access to the marginal market
A lot of concerned corporate clients of Bitfinex company published in Reddit reports that they could not get access to margin trading on the stock exchange. Despite the fact that representatives of Bitfinex previously stated that they will no longer provide US users with access to exchange services, the Bitfinex support portal informs that the restrictions do not affect corporate clients from the United States.
Bitfinex restricts access for corporate account holders to marginal markets
In the past few days, a number of Reddit users have stated that they are corporate customers of Bitfinex from the United States and complained that they were unable to access the platform’s marginal services.
Last year, Bitfinex announced that it would stop serving retail customers from the US in November. Nevertheless, the company assured its corporate customers that the restriction will only affect the accounts of individuals – as indicated in the FAQ section of the Bitfinex support portal.
Marginal traders lost the opportunity to close positions
One of the users of Reddit has published the following message:
“We have a corporate account on the Bitfinex exchange since the beginning of 2017, which is approved both for exchange and margin trading, and for investment. We conducted margin trades with six-figure amounts, and at the moment we have two trading positions. On February 7, we were blocked from access to margin trading. We did not receive any explanations or warnings about why our account cannot trade on margin. Worse, we can not manage our open positions, which is extremely bad in this volatile market. We received a couple of letters warning about the liquidation of positions, as the market was heavily sunk yesterday. We sent a request to the support team and more than 7 letters but never received a response from Bitfinex. It seems that they did not even read our letters. ”
Later, on the same day, a representative of Bitfinex, with the nickname “bill_bfx”, contacted the Reddit user, saying that his question was redirected to the support team to find a solution. Bill_bfx stated that a corporate client from the US should not use margin trading. However, if y have open positions, it is unacceptable to block access to them for closing. ”
The user Reddit confirmed the answer from bill_bfx and stated that he would update this branch if his problem is solved. At the time of writing this article, there were no signs that the problem had really been resolved, despite the fact that the user bill_bfx posted his answer four days ago.
Corporate customers are caught unawares
Another Reddit user posted a message:
“I spent some time investing in Bitfinex. But today I learned that American users are no longer allowed to perform a number of operations. I understand that retail customers from the United States can no longer use the service, but I believe that this policy can not be applied to corporate clients. Was there a policy change recently? Will this situation be permanent or is it a temporary measure? “