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Bitfinex announced that it will remove certain products and services for specific customers in the United Kingdom to comply with legal regulatory requirements that have come into effect in the country. The changes will affect all existing individual customers residing in the United Kingdom and all existing corporate customers residing in the United Kingdom who do not fall under an exemption within the UK’s legal regulations.
Bitfinex Takes Significant Steps for the UK Market
Bitfinex also announced that new UK-based customers who create accounts on the platform on or after November 1, 2023, will no longer be able to apply for individual account verification. The cryptocurrency exchange said that from January 10, some existing UK customers will no longer be able to make new deposit transactions, enter into new contracts, or increase their existing futures positions.
With these changes, customers will still be able to reduce or close their positions and withdraw funds from the platform. In its announcement dated January 4, Bitfinex stated the following:
“If we understand that you are not exempt, you will be further informed by Bitfinex that from January 10, 2024, you will no longer be able to make new deposit transactions, create new contracts, or increase your existing collateral positions.”
Noteworthy Details on the Matter
The Bitfinex team stated that high-net-worth companies, non-corporate associations, or corporate UK residents meeting certain criteria of the legal regulation will not be affected by the changes. The announcement included the following statements:
“Going forward, Bitfinex will no longer accept verification applications from corporate UK residents, except for high-net-worth companies, non-corporate associations, or those who meet the definition under legal regulations or any other relevant valid exemption.”
Bitfinex clarified that the specific criteria for a high-net-worth company are defined under the legislation in force in the United Kingdom:
“If you are a corporate UK resident applying for verification, we may request additional information from you as part of your application to ensure that you meet the eligibility requirements as a high-net-worth company, non-corporate association, or any other relevant valid exemption.”
At the end of October, Bitfinex was added to the warning list of unauthorized firms by the UK Financial Conduct Authority (FCA). At that time, the FCA had advised on its website to avoid dealing with this firm.
