Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading
Some pages ago the BitFinex guys wrote they have no bankaccounts, company registration or anything else in China. From that, they are not affected by chinese regulations or new year whatsoever.
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Ente
This is not accurate. If you look back to the post: https://bitcointalk.org/index.php?topic=229438.msg4007805#msg4007805 , Raphael clearly states that the deposit bank account is in Pudong (which is the financial district in Shanghai). BTC China ALSO is HQ'd in Pudong, so I don't understand why Raphael thinks he is exempt while BTC China is not???
tldr - do not deposit in Bitfinex until this is cleared up.
Let's see if by re-phrasing I can make this clear in a definitive way:
1 ) Bitfinex ltd is incorporated in Hong Kong.
2 ) Hong Kong is not China.
3 ) Bitfinex operates with an off-shore account in Pudong.
4 ) This can be extrapolated also by the account number, which begins with OSA ( in case somebody still don't see the point, OSA stands for Off Shore Account)
5 ) Our offshore account is denominated in USD and has nothing to do with CNY ( a.k.a. Yuan, a.k.a. Renminbi, that is the Chinese currency) to whom the restrictions apply.
6 ) China wants to limit the outflow of capital, not a company incorporated in Hong Kong that stays away from its currency.
7 ) BTC-China = CNY --> Problem
8 ) Bitfinex = USD --> No Problem
I hope it's all clear now.
In case it isn't, well.....
Have a good day
Giancarlo
Bitfinex Team
Thanks for clearing things up
BTW, if I may make sugestment to your business. Make sure to invest in a good staff for customer support! Security and customer support are (in my opinion) the most important parts of a business.
If for example I make a support ticket and wait many hours to days for an response, I will be reluctant to use the service. While when the customer gets a fast and friendly reply within an hour, he will grow trust in your business and will most likely stay with you.
Unfortunately customer service is a weak point at many big exchanges, but I think if you make customer support to one of you priority's (after security), I am sure that you will grow to one of the biges exchanges in the market.