What is the reputation of bitfloor? Code Answer

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It seems that bitfloor is a well designed trading platform, and a competitor to MtGox. However, the trading volume is low.

How long has bitfloor been in business?

Have there been any negative accusations such as fraud?

How safe is my money/bitcoins at bitfloor?

Answer

I am still unable to withdraw my bitcoins that were deposited before their September 2012 security breach. Therefore BitFloor is technically insolvent.

They are registered with FinCEN as a money-service business in the U.S. Thus I assume they are not immune to U.S. courts and U.S. bankruptcy laws.

They are one judgement away from having their bank funds frozen by a creditor, likely forcing BitFloor to declare bankruptcy. If that happens, your funds might be used for paying out to legal costs, paying for the receiver, and then whatever is left for payment to all remaining unsecured creditors such as yourself, proportionate to the amount owed (i.e., “pennies on the dollar”).

I like BitFloor and I’ld like to see them succeed, but continuing to operate an exchange while insolvent is a move that is irresponsible and shows disrespect to its customers, current and prior.

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