BitFinex strengthens KYC procedures! BitFinex strengthens KYC requirements, sending emails to users asking for more identifying information.
The purpose of this identification process is to make sure that its client accounts “to the same level.”
Verified users were apparently asked to share information on the source of funds – along with proof of residential address.
Paolo Ardoino, the CTO, explained that the exchange is working on improving compliance.
“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.”
Ardoino assured clients that all information from this KYC efforts will be retained securely and confidentiality. It’s not yet clear if this tightening of procedures is due to a particular event. However, the company is under intense scrutiny and is subject to an ongoing investigation by the New York Attorney General.
In terms of the investigation, BitFinex claims that they have never served citizens of the state of New York. What do you think? Let us know on our Facebook page!
