Bitfinex Updated its KYC Policy; Asks Verified Users to Provide Additional Information

News / 30.12.2019

Bitfinex, a leading crypto exchange has announced to update its KYC policy in order to strengthen its security and better comply with regulations. The exchange is registered in British Virgin Island, but has its headquarters in Hong Kong.

Verified users are being sent e-mails to provide proof of residential address, according to a reddit post from one user. In addition, Bitfinex will ask verified users to provide details on the source and use of their funds. Bitfiex’s Chief Technology Officer, Paolo Ardoino, said that, all users’ information that will be obtained by the exchange will be securely and confidentially retained.

The European Union (EU) is adopting crypto regulations based on the guidelines provided earlier by the financial action task force. These incoming laws have already caused some few crypto exchanges and other businesses to forcefully shut down. Crypto exchanges and other crypto-related businesses that were not willing to compromise with their users’ privacy had no other option than to close down.

Simplecoin, Chopcoin and Bottle Pay are all among the crypto businesses that had to shut down due to the upcoming regulations. Bitfinex exchange itself has currently been involved in several legal issues.

Featured image courtesy of Shutterstock. Source: Cryptopress

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.