In a recent announcement, Bitfinex announced that it will stop offering deposit and position growth services to users in the UK. Meanwhile, withdrawals and position reductions will still be maintained.
These changes apply to all individual and business customers who are UK residents and are not exempt. Bitfinex only exempts certain cases such as organizations that meet the requirements of being a high net worth company, association or trust under English law.
The exchange wrote in its announcement about the exemption:
If you are a UK resident company applying for verification, we may request additional information from you as part of your application to ensure you meet the eligibility requirements. qualify as a high net worth company, association or trust or other related entity.
Additionally, Bitfinex also noted that users who register after November 1, 2023 will not be eligible to complete the KYC verification process for their accounts. This means that the exchange will stop accepting new users in the UK.
Bitfinex’s decision to “withdraw” came after a warning from the UK Financial Conduct Authority (FCA) in October 2023. At that time, the FCA listed Bitfinex on the list of companies operating illegally in the UK and advised people not to trade on this platform.
Related: Binance Temporarily Suspends New User Sign-ups in the UK from Octobe
Bitfinex, being one of the pioneering cryptocurrency exchanges, has gone through many ups and downs. Currently, the floor is expanding its operations in many different countries to expand market coverage.
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