Bitfinex removes products and services from some UK customers
Bitfinex is removing the availability of its products and services to certain customers in the United Kingdom in order to comply with that country’s regulatory requirements.
The changes are set to affect all existing individual customers who are UK residents and all existing business customers who are UK residents and do not fall within an exemption under the UK Financial Promotion Order. Bitfinex added that new UK-based customers who created an account on the platform after November 1, 2023 will no longer be able to apply for personal account verification.
The cryptocurrency exchange said that from January 10, some existing UK customers will no longer be able to make new deposits, enter into new contracts or increase existing margin positions. However, clients can still reduce or close their positions and withdraw funds from the platform.
“If it is understood that you are not exempt, you will be separately notified by Bitfinex that from January 10, 2024, you will no longer be able to make new deposits, create new contracts or increase existing margin positions,” Bitfinex said. “He stated. Announced on January 4th.
Exemptions for some customers
Bitfinex said UK corporate residents who meet certain criteria for being high net worth companies, unincorporated associations or trusts will not be affected by the change.
“Going forward, Bitfinex will no longer accept verification applications from UK corporate residents, except those who meet the definition of a high net worth company, unincorporated association or trust, or other relevant applicable exemptions.” Added.
Bitfinex said the specific criteria for a high net worth company are defined under UK law.
“If you are a UK corporate resident applying for verification, we may request additional information from you as part of your application to determine whether you meet the relevant eligibility requirements for being a high net worth company, unincorporated association or trust or as applicable. Exemption,” the exchange added.
Bitfinex included in FCA’s warning list.
At the end of October, Bitfinex was placed on the UK Financial Conduct Authority’s unauthorized company warning list.
At the time, the FCA stated on its website: “You should avoid doing business with this company.”
The financial regulator said companies cannot promote financial services in the country without the necessary approvals or approvals. Bitfinex added: “It is not authorized by us and may target people in the UK.”
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