Bitfinex cryptocurrency exchange announced that it will suspend services to individual retail users starting today due to UK regulations

Bitfinex recently announced significant changes to its services in the UK, affected by regulatory compliance. This marks an important adjustment for the company in the UK market, affecting both new and existing customers. had an impact.

New Client Policy: Changes to Eligibility

In order to comply with regulatory requirements, Bitfinex announced that it will continue to implement specific policies for UK residents. From November 1, 2023, new users joining the platform will not be able to conduct personal account verification to comply with British legal regulations.

Corporate Clients: New Verification Rules

In order to improve compliance, Bitfinex has decided to no longer accept verification applications from UK corporate entities. Exceptions are made for applications that meet the definition of a high net worth company, unincorporated association, trust or other relevant applicable exemption.

Impact on existing customers: Limited service access

Beginning January 10, 2024, Bitfinex will implement restrictions for some existing customers in the UK. These customers will not be able to make new deposit operations, open new contracts, or increase existing margin investments. But they can still choose to close or reduce existing contracts and withdraw funds.

Only specific customer services can be provided

The policy changes have a major impact on UK resident individuals and business customers who do not qualify for exemptions from financial regulations. However, corporate residents that meet high net worth standards are not affected, highlighting the pertinence of regulatory adjustments. Bitfinex expressed regret over the changes while emphasizing its commitment to compliance and customer cooperation. This move reflects Bitfinex’s significant adaptability to the dynamic regulatory environment in the UK cryptocurrency market.

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