Bitfinex Strengthens KYC Requirements, Asking Users For More Identifying Information
Bitfinex Strengthens KYC Requirements, Asking Users For More Identifying Information
December 29, 2019
Bitfinex Strengthens KYC Requirements, Asking Users For More Identifying Information
Bitfinex Strengthens KYC Requirements, Asking Users For More Identifying Information
December 29, 2019

Bitfinex, a cryptocurrency exchange, has reportedly strengthened its ‘Know Your Customer’ (KYC) requirements, sending an email to verified users asking for more identifying information.

On December 27, it has been reported from The Block that the purpose of the email from Bitfinex was to enhance the exchange’s due-diligence procedures and bring all of its client accounts “to the same level.”

However, verified users were apparently asked to share information on the source and use of funds, along with proof of residential address, such as a utility bill.

Paolo Ardoino, the Chief Technology Officer of Bitfinex, explained:

“That means we are in contact with our customers continuously. We may, for example, be updating various KYC documents that have expired, or clarifying the nature of certain transactions.”

It has been analyzed that Ardoino assured clients that all information is retained securely and confidentially.

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Ardoino concluded:

“While we do allow unverified customers on our platform to engage in limited trading activities, we always work to ensure that all customers – both verified and unverified – are respecting the same ground rules.”

Likewise, it is uncertain whether this latest tightening of KYC procedures has been spurred by any particular event.

Thus, the company has been subject to an ongoing investigation by the New York Attorney General since April.

Source: |


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.