Bitfinex sends e-mails in the last few days with the subject line "Unverified Users Announcement" What is it about and how should you react when you receive the message?
If you find the following e-mail from Bitfinex familiar, then the following article might be interesting for you.
What are the backgrounds of this email?
The news resulted from an announcement dated August 11, 2017, announcing that the US private individuals business will be discontinued. Until November 9, 2017, private US customers were given time to withdraw their cryptocurrencies from the stock market. New transactions or deposits from US customers contradict the "Legals" and are prohibited from this date on Bitfinex.
In the above e-mail, Bitfinex advises US citizens that access to the platform through Virtual Private Networks (VPN), proxies, or other services, such as Tor, to conceal their IP address or location is prohibited. just to bypass the US ban.
Receive E-Mail - What to do?
First of all, it is not recommended to access Bitfinex via VPN, Proxy or Tor. It is certain that Bitfinex (and all other exchanges) determine and store your IP address. If you use one of the services mentioned above, this could make you "suspicious". In forums is to be read that partly because of its user accounts were locked.
Basically, it is from my point of view but to keep calm. Various forums suggest that US authorities have asked Bitfinex to provide logs and information to US citizens. This is also to be seen with regard to the new republican tax plans (both versions), which probably contain new regulations for owners of Bitcoin and other crypto currencies. If the assumptions are correct, Bitfinex could only try to warn "forbidden" US customers one last time.
Nevertheless, the action seems a bit strange. On Reddit is to be read that also users from Canada, India, UK and Germany have received the e-mail.
Who does not want to take the risk that his account (even unauthorized) is blocked, in our view, has only two options:
- Transfer the cryptocurrencies to another wallet or wallet or
- perform the verification.
In our view, both solutions make sense. In particular, desktop wallets and hardware wallets are considered much safer than accounts on an Exchange for security reasons.
On the other hand, verification might also make sense, as you need a stock exchange like Bitfinex to trade your cryptocurrencies back in euros. This requires verification anyway.
Update: Bitfinex has postponed an email to remove the ambiguity. The mail only affects individual users who are US citizens and continue to actively use Bitfinex. If you have received the e-mail and is not a resident of the US, according to Bitfinex nothing will change. Nevertheless, it should be pointed out again that VPN, proxy or Tor should be avoided. We received reports from users whose accounts were suspended due to use of one of the aforementioned services.
Thank you for reading!
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This is good information for someone new to use my own IP address vs a VPN to avoid getting flagged.
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