<span style="font-weight: 400">Major cryptocurrency exchange Bitfinex has allegedly boosted its Know your Customer (KYC) requirements, by sending emails to its user to give additional information. Reportedly, the information is for boosting the identification process. </span>
<h2><b>Additional personal data requested</b></h2>
<span style="font-weight: 400">A blockchain reporter noted that the major purpose of the email newsletter was to enhance Bitfinex due diligence processes and as well bring to the same level all its verified client accounts. Meanwhile, the crypto exchange requested these accounts to give more information regarding the source and utilization of crypto funds. Additionally, Bitfinex wanted proof of residential address through receipts of such things as utility bills. </span>
<h2><b>Constant drive to improve compliance</b></h2>
<span style="font-weight: 400">Bitfinex Exchange,  Chief Technology Officer Paolo Arduino stated that the exchange was working to enhance and beef up compliance requirements. </span>
<blockquote><i><span style="font-weight: 400">“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.”</span></i></blockquote>
<h2><b>New York Attorney General Investigating Bitfinex</b></h2>
<span style="font-weight: 400">Nonetheless, it is not clear whether any major events spurred the move to tighten Know your Customer (KYC) compliance procedures. Meanwhile, the firm has been under investigation since April by the <a href="https://www.cryptoknowmics.com/crypto/marylands-attorney-general-frosh-declares-the-participation-in-operation-cryptosweep/">New York Attorney General</a>. Bitfinex submitted a motion to have the investigation stopped; by stating that the firm had never even served the citizens of New York. In addition, even the terms of application and service have it that all clients must be foreign entities. </span>
<h2><b>Bitfinex October Subpoena </b></h2>
<span style="font-weight: 400">On October 18, Bitfinex submitted filing to a California court for obtaining permission to take the deposition testimony of </span><a href="https://modernconsensus.com/tag/rondell-rhon-clyde-monroe/"><span style="font-weight: 400">Rondel Rhon Clyde Monroe</span></a><span style="font-weight: 400"> -; a former Vice President of the TCA Bancorp. The filing was meant to subpoena the former banking executive of the trust firm, who the exchange believed would help recover at least $850 million of frozen funds. </span>

Bitfinex Adds KYC Requirements, Asking Users for More Info

Major cryptocurrency exchange Bitfinex has allegedly boosted its Know your Customer (KYC) requirements, by sending emails to its user to give more info.

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bitfinex Adds KYC Requirements, Asking Users for More Info

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