Comments regarding the CFTC September 18, 2015

We want to address the rumor circulating regarding the U.S. Commodity Futures Trading Commission (CFTC) inquiries about our business operations and the potential implications of the CFTC’s order regarding Coinflip, Inc.

First, as of this posting, we have not been contacted by the CFTC and have, in fact, proactively reached out to them. We are happy to discuss our platform and business operations with any interested regulator.

Second, there appears to be some concern that the ‘swap’ nature of our trading platform puts us within the CFTC’s jurisdiction with respect to our U.S. customers. This may be true if Bitfinex were actually a swaps or derivatives trading platform. In point of fact, Bitfinex is not a swaps trading platform. The ‘swap’ terminology was used in the early days of Bitfinex when we didn't fully consider the implications of using that word. Bitfinex is an integrated exchange and margin trading platform with margin liquidity being sourced on a peer-to-peer basis. Furthermore, because margin positions can also be ‘claimed’, they should not be construed as another kind of non-deliverable derivative product. We have been considering a site-wide change of terminology to more closely reflect our actual product offering. Clearly, the time has come for us to prioritize those refinements; expect to start seeing these changes on our site very soon.

Finally, insofar as the CFTC is claiming jurisdiction over the spot trading of digital currencies, it may be that all bitcoin exchanges, domestic and foreign, serving U.S. customers are equally affected. The exchange industry as a whole should seek further clarification from the CFTC on the regulatory implications of their ‘bitcoin is a commodity’ assertion. If the CFTC is offering a comprehensive and uniform solution for bitcoin exchange regulation in the U.S., then we welcome that development and would look to comply along with the rest of the exchange industry. If, however, it represents yet another layer of compliance on top of existing and emerging state and federal rules and regulations, then we believe that the industry’s cost of doing business with U.S. customers will continue to increase, stifling innovation and competition in what is still a fledgling industry. It is possible that neither of these interpretations is correct. Further clarification is required.

In any case, our customers may rest assured that Bitfinex is being proactive in educating regulators on the nature of our platform and operations. We have co-operated with international and domestic regulators and law enforcement—and we continue to do so—where our assistance is required. We proactively continue to implement best practices to benefit our customers, borrowing from various regulatory regimes around the world. Consequently, we do not expect any interruption in our margin trading operations for our U.S. customers.

Effective time for new commission structure August 16, 2015
We are moving the effective time for new commission schedule from August 17th 00:00:00 UTC to August 17 17:00:00 UTC (17 hours later).
BitLicense Restrictions for New York Customers August 07, 2015

Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents.

Pursuant to Title 23, Chapter I, Part 200 of the New York Codes, Rules and Regulations (the “Regulations”), persons may not engage in Virtual Currency Business Activities (as defined in subsection 200.2(q) of the Regulations) involving New York or New York Residents (as defined in subsection 200.2(h) of the Regulations) without a license issued by the New York Department of Financial Services: the so-called 'BitLicense.' The effective date of the Regulations is June 24th, 2015. Persons already engaging in activities that require a BitLicense must apply for a license by August 8th, 2015.

Bitfinex is not applying for a BitLicense at this time. Accordingly, Bitfinex is modifying account privileges for New York Residents, effective August 8th, 2015.

Account & Service Changes

All New York Residents must withdraw all cryptocurrency balances currently held on Bitfinex by 4:00 pm EDT on August 15, 2015. We strongly encourage New York Residents to specify ‘Locked Withdrawal Addresses’ that we will use to automatically sweep any funds that may be sent to one of your deposit addresses in the future. Failure to set these Locked Withdrawal Addresses will result in the automatic liquidation of future deposits.

As New York Residents may no longer keep cryptocurrency balances, they will no longer have access to the following features on

  • Exchange: New York Residents cannot use any of the features in the ‘Exchange’ tab on They cannot exchange USD for BTC or LTC, nor can they exchange BTC for LTC and vice versa.
  • Margin Trading: New York Residents cannot use cryptocurrencies as collateral on margin positions or use the claim position feature. Also, trading in the LTC/BTC pair will be restricted.
  • Swaps Market: New York Residents cannot offer BTC or LTC swaps.

We understand that this is an inconvenience, but users who do not remove their cryptocurrency holdings from their Bitfinex accounts (or set up a locked withdrawal address) by 4:00 pm EDT on August 15th, 2015 will have their cryptocurrency balances exchanged to USD at market rates. The resulting USD balance will be available in customer accounts for customers to access at any time. Outstanding cryptocurrency swaps will be allowed to expire in due course with resulting free cryptocurrency balance also being subject to automatic liquidation in the absence of a locked withdrawal address.

We sincerely apologize for any inconvenience or issue that this may cause. We continue to monitor the evolving regulatory landscape in New York and elsewhere in an effort to offer superior service, consumer protection and security, and to remain compliant with applicable laws.

Darkcoin (AKA Dash) to cease trading August 06, 2015
Due to persistently low demand for trading in Darkcoin (AKA Dash), we have decided to remove Darkcoin from our crypto-currency trading pairs. Darkcoin trading will terminate on August 31st, 2015 at midnight UTC. Users will have one month - until midnight UTC on September 30, 2015 - to withdraw their darkcoins before all Darkcoin wallets are removed from the site. After removal, any darkcoins not withdrawn will be moved to a separate wallet controlled by Bitfinex, requiring users to contact support to claim any remaining funds.
Possible Typhoon in Taiwan within the next 2 days August 06, 2015

There is a Typhoon approaching Taiwan, Typhoon SOUDELOR which on its current track will hit Taiwan on the 7th August.

The Taiwanese government will make an official announcement before 4am on the 7th August (Taiwan time) as to whether the banks will be closed.

If the banks are closed this will affect our deposits and withdrawals by wire.

New Commission Structure August 05, 2015

We have decided to unify our BTC and LTC trading fee schedules into one universal tier structure based upon overall USD value traded in the last 30 days. We have also added additional tiers that reduce the taker rate. This new system will allow traders to get the benefit of their BTC volume when trading LTC and vice versa. Because we are anchoring the tiers to the USD value traded, our customers will find it easier to maintain their tier in fluctuating markets, most notably saving money over the old system in the event of a future price rise. The new rates are as follows:

USD Value Executed in Last 30 Days Maker Fee Taker Fee
Below $500,000 0.10% 0.20%
From $500,000 to $999,999 0.08% 0.20%
From $1,000,000 to $2,499,999 0.06% 0.20%
From $2,500,000 to $4,999,999 0.04% 0.20%
From $5,000,000 to $7,499,999 0.02% 0.20%
From $7,500,000 to $9,999,999 0.00% 0.20%
From $10,000,000 to $14,999,999 0.00% 0.18%
From $15,000,000 to $19,999,999 0.00% 0.16%
From $20,000,000 to $24,999,999 0.00% 0.14%
From $25,000,000 to $29,999,999 0.00% 0.12%
Above $30,000,000 0.00% 0.10%

Please note that customer tiers are determined on an hourly basis. In the case of the LTC/BTC trading pair, the USD equivalent will be based upon the BTC/USD VWAP (Volume Weighted Average Price) for the day the trading occurred.

This new fee schedule will go into effect on Monday, August 17th at 00:00:00 UTC. We understand that a significant change in our fee methodology will affect some users more than others. As such, we have tried to minimize the overall impact on our traders while still meeting our objective of moving to a unified, USD-based fee schedule that remains very competitive in the marketplace.

Once again, we wish to thank all of our customers for their continued loyalty, which has made Bitfinex the number one platform for BTC/USD liquidity in the world. We look forward to serving the community’s ongoing trading needs as we continue to update and improve our trading platform. As always, we welcome your feedback.

A Fresh Look July 21, 2015

Today we’re happy to release a refreshing overhaul to the Bitfinex interface.

However, you’ll notice that this is not precisely a “redesign”. In fact, the core of the application remains very familiar. Our goal was to smooth out rough edges, tighten a few loose bolts, and make the site more enjoyable to use.

We have exciting design and platform improvements scheduled for the coming weeks, but until then we hope you enjoy this small refresher.

We anticipate your feedback at [email protected].

Feeling nostalgic? The old interface will remain available at until August 6th.

Banking holidays June 10, 2015

Due to the Dragon Boat Festival Holiday in Taiwan on June 20 all banks will be closed Friday June 19. No deposits or withdrawals by wire will be processed this day.

Best regards

The Bitfinex team

Bitfinex and BitGo Partner to Create World’s First Real-Time Proof of Reserve Bitcoin Exchange June 04, 2015

We are very excited to unveil our new Bitcoin settlement system and security architecture that for the first time ever offers complete segregation of all customer bitcoins. Based on BitGo’s revolutionary multi-signature technology, we are now able to provide individual multi-signature wallets for each customer, allowing traders to verify funds on the Blockchain for complete transparency while retaining institutional-level security.

Starting today we will begin using unique sets of keys for each user, and will separate each user’s funds on the public blockchain. This powerful combination of BitGo’s multi-sig technology with our exchange mitigates most of the shared pool security risks while simultaneously enabling users to verify their individual holdings on the blockchain.

We will start migrating users' accounts to the BitGo system over the next couple days. We hope to have the full migration completed in less than a week.
Update regarding recent security breach May 27, 2015

Following the unfortunate security incident involving our hot wallets, we have worked diligently with our security specialists and customers to ensure the security of the new hot wallets as well as working with individual customers who were affected. New (secure) deposit addresses for BTC, LTC & DRK have been on the website since Friday evening UTC and all systems have been performing normally since then.

However, despite the announcement, tweets, e-mail warnings, and coverage in the press, we have customers who continue to make deposits to old (hacked) addresses. At this point, we can no longer honor, partially or otherwise such deposits, and STRONGLY URGE our users to heed this notice and avoid a careless (and costly) mistake.

As we have tried to understand some of the reasons behind why some users continue to make such deposits, we would like to make two important suggestions to our users. Firstly, please ensure that you do, in fact, receive e-mails from Bitfinex and that such emails are not being inadvertently sent to a spam folder, and secondly, do not use Bitfinex as a general purpose wallet to receive third party payments to static addresses. The first point is obvious, but apparently a problem for some, but the second point is more subtle in that we understand it might be easy to inform our customers of the need to change deposit addresses, but maybe not so easy for our customers to inform their customers.

In any case, we thank all of our customers for their loyalty and patience last Friday – Bitfinex is working very hard to make sure something like this doesn't happen again.