Bitfinex withdraws availability of certain products to its UK customers:
- Bitfinex is withdrawing certain products and services for its UK customers.
- This withdrawal is in response to UK regulatory requirements.
- Individual customers residing in the UK and non-exempt businesses will be affected.
Bitfinex aligns with UK regulations
Cryptocurrency exchange platform Bitfinex has just announced that it will remove certain products and services for a portion of its UK clientele. This decision is a direct response to specific regulatory requirements in the country, and will affect both “existing individual customers” residing in the UK and non-exempt businesses.
Starting on January 10, 2024, UK customers affected by this decision will no longer be able to make new deposits, create new contracts, or increase their margin positions.
“If we understand that you are not exempt, Bitfinex will separately inform you that as of January 10, 2024, you will no longer be able to make new deposits, create new contracts, or increase existing margin positions.”
– stated Bitfinex
However, affected customers will still be able to reduce or close their existing positions and withdraw their funds from the platform.
Some customers unaffected by this change
Although this measure affects all individual customers residing in the UK, as well as non-exempt British businesses, there are exceptions.
In fact, Bitfinex has clarified that British businesses meeting the criteria of a high-net-worth company, an unincorporated association, or a trust will not be affected by these changes.
As a reminder, in October 2023, Bitfinex was added to the FCA’s warning list, the UK financial regulatory authority, which advises against any interaction with unauthorized companies potentially targeting UK residents.
