Bitfinex Recent Update of Its KYC Policy as per New Crypto Regulations
Bitfinex is a top crypto exchange registered on British Virgin Island and has its headquarters in Hong Kong. This cryptocurrency recently announced its KYC policy update to tighten its security and well compliance with the set crypto regulations.
As per a specific Reddit post, verified users of Bitfinex exchange are getting E-mails to give proof of residential address. Additionally, Bitfinex will also inquire about the source and use of funds from their verified clients. Paolo Ardoino, the exchange’s chief technology officer, affirmed that their clients’.
Crypto-Participants’ Reactions on the New Crypto Regulations
The European Union (EU) started adopting crypto regulations presented by the financial action task force. However, some crypto exchanges have shut down due to these new restrictions. Many crypto exchanges and crypto-related businesses were unwilling to compromise with their users’ privacy, hence closing down.
Among the crypto-businesses that shut down are Simplecoin, Chopcoin Bottle Pay. Bitfinex crypto exchange, on the other hand, is facing various legal issues.