I've been a user of Bitfinex for about 3 years now. And recently I've experienced my first negative experience with them. They delisted tokens that I was holding, I missed the withdrawal window, and my funds are not recoverable.
I've only became aware when they put out this post on their announcement page (also can be seen on https://www.bitfinex.com/posts):
Bitfinex Delists 9 Tokens
MONDAY, DECEMBER 14TH 2020
In line with our commitment to delivering the best trading experience, we are delisting Abyss (ABYSS), Aelf (ELF), Content Neutrality Network (CNN), Raiden Network (RDN), Rate3 (RTE), Seer (SEE), SingularityNET (AGI), Universa (UTNP), and VETRI (VLD). This decision has been made as a result of our continued monitoring of all listed projects and review of their listing qualifications.Trading and deposits for above tokens will cease by 15/12/20 at 02:00 PM UTC.
Withdrawals for the above tokens will remain open until 29/12/20 at 11:00 AM UTC. We invite our users to withdraw the above tokens as soon as possible.
I look at the date an thought, great, I have time to move my funds. But then the Bitfinex platform was like whoa not so fast you have to whitelist the addresses, and plus withdrawal are on hold for 5 days and looks like I wont make it before 29/12/20 . Luckily, customer service was able to lift the restrictions and allow me to withdraw these tokens on time. However, I was not so lucky with other tokens. On discover the above announcement post, I've also seen this one at the same time:
Bitfinex Delists 10 Tokens
SATURDAY, NOVEMBER 21ST 2020
In line with our commitment to delivering the best trading experience, we are delisting AidCoin (AID), Atonomi (ATM), Dether (DTH), FOAM Token (FOA), Fusion (FSN), Loom Network (LOO), Mithril (MITH), Polymath (POLY), SpankChain (SPANK), and Upfiring (UFR). This decision has been made as a result of our continued monitoring of all listed projects and review of their listing qualifications.Withdrawals for the above tokens will remain open until 04/12/20 at 12:00 PM UTC, while trading and deposits for the above tokens will cease by 23/11/20 at 12:00 PM UTC.
We invite our users to withdraw the above tokens as soon as possible.
I'm a not a full-time trader and I don't check for announcement all the time. When I do trade, I trade via an API on the phone so I did not get the memo on time. I have a real full-time job and a family so I'm too busy and did not see these announcements until the start of the Christmas break, when it is too late. I missed the window to withdraw those 10 tokens by 04/12/20 at 12:00 PM UTC. I ask customer service to restore these funds. However, they replied saying they can't do anything and it is within terms and conditions, that they put out the notification. I did not even get an email about it! How dare they just pocket my funds and profit from it. I sure they can do something about it, they just chose not to. This amounts to day light robbery!
Also the time between the announcement and the closing date is not long, just two weeks! I could have easily gone to a retreat somewhere without internet for the duration of time and not be able to move funds before Bitfinex steals its.
So far I've replied about 6 times, and every time they come up with the same story and denied any form of compensation. Quote "..delisting of the token was done as per our Terms of Service, so I am afraid the funds will not be recovered" and referring me to https://www.bitfinex.com/legal/exchange/terms clause 26:
Electronic Communications and Acceptance: You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures that Bitfinex may provide in connection with these Terms of Service through publication on any part of the Site or to your authorized e-mail address on file with Bitfinex. Such notices shall be deemed effective and received by you on the date on which the notice is published on any part of the Site or on which the e-mail is sent to such authorized e-mail address. These Terms of Service may be accepted electronically, and it is the intention of the Parties that such acceptance shall be deemed to be as valid as an original signature being applied to these Terms of Service.
They are making as if they can do what ever they want as long as they communicated it. So warning for bitfinex users: keep up to date with announcements, or if you can't accept this, don't use their services.
It reminds me of the days of Mt Gox when that gone down and out the saying goes: "When your money in in the exchange, it does not belong to you anymore" - Your cryptos are more secure in a private wallet.
I am one absolutely livid, dissatisfied, frustrated, infuriated Bitfinex customer, and a maybe soon ex-customer if Bitfinex still does not do anything about it. I'm in the process of trying out a new exchange, Binance, after hearing reviews about it. If you want to join along with me, you may join using the affiliated link and you can get a kickback 10% off commission https://www.binance.com/en/register?ref=MCENFAGV