Re: Bad news for US residents…


I just got this email from Currency Fair:

This is an important message from the team at CurrencyFair.

Following our initial assessment of regulatory changes in the United States, including changes arising from the Dodd-Frank Act, CurrencyFair will temporarily withdraw services for US residents while we consider these requirements and how they impact our business model.

This was a difficult and very regretful decision but we are confident we will be able to resume services in the future. The exact date of re-activation has not yet been determined and may take some time. We appreciate your patience and will continue communicating our status and expected return.

CurrencyFair is committed to providing an excellent service, saving our customers money on every exchange while maintaining a strong compliance framework.

What does this mean for you?

Unfortunately, as of 31st December 2013 your account will be suspended and remain so for the duration of the withdrawal period. We will accept deposits into your account up until Friday 6th December 2013 and you can exchange and transfer up until 31st December 2013. Any balance on your account after this date will be transferred back to the account from which they were received.

If your situation has changed and you are no longer living in the United States, please notify us immediately as this only affects US residents.

We would like to thank all our loyal US clients and again apologize that we will not be able to assist you with your transfers for the duration of the withdrawal period.