Post
Topic
Board Exchanges
Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading
by
whatthesith
on 29/01/2014, 05:00:15 UTC

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


Bitfinex already change wire deposit account from China Off Shore Account to China Construction Bank Account located at Hong Kong.
Good news for those who feel little doubt about deposit in Bitfinex.


Great! I can wire funds locally (instead of charging international wire fees)

As a Hong Kong people, the above 8 points are correct. But Hong Kong is definitely part of China. However, Hong Kong is special region which has TOTALLY different laws and regulations from China (at least before year 2047).