Core

Future

United

Impact

Spot

<a href="https://bitcoinworld.co.in/bitfinex-customers-get-new-restrictions-in-the-uk-amid-regulatory-changes/" title="Bitfinex Customers Get New Restrictions In The UK Amid Regulatory Changes" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">As Bitfinex complies with new regulatory requirements in the UK, both individual and corporate customers are now faced with new restrictions.</li>
</ul>
Bitfinex alters its services in the UK to comply with regulatory requirements, affecting both individual and corporate customers.
New UK-based customers from November 1, 2023, cannot get individual account verification, and existing customers face restrictions on deposits and contracts from January 10, 2024.
Exemptions exist for high-net-worth companies and certain other entities, with Bitfinex emphasizing regulatory compliance in its operations.
Bitfinex, a prominent cryptocurrency exchange, announced significant modifications to its operations in the United Kingdom.&nbsp;
This move is in response to the new regulatory law in the country. Bitfinex has stated that these changes are necessary to align its services with the requirements mandated by UK financial regulations.
Starting January 10, 2024, Bitfinex will implement new measures affecting individual and corporate customers residing in the UK.&nbsp;
The primary impact will be on existing individual customers and certain corporate clients who do not qualify under specific exemptions outlined in the UK’s Financial Promotions Order.&nbsp;
This adjustment follows Bitfinex’s inclusion on the UK Financial Conduct Authority’s (FCA) warning list in October, which cautioned against dealings with unauthorized firms.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/blackrock-ark-invest-bitwise-and-others-compete-in-spot-bitcoin-etf-fees-war/" aria-label="“BlackRock, ARK Invest, Bitwise, And Others Compete in Spot Bitcoin ETF Fees War” (Edit)" rel="noopener noreferrer nofollow">BlackRock, ARK Invest, Bitwise, And Others Compete in Spot Bitcoin ETF Fees War</a>
<h3 id="span-style-font-weight-400-impact-on-new-and-existing-customers-span">Impact On New And Existing Customers</h3>
A key aspect of these changes is the altered policy for new UK-based customers.&nbsp;
Bitfinex stated that individuals who created accounts on or after November 1, 2023, will no longer be eligible for individual account verification.&nbsp;
This restriction represents a significant shift in Bitfinex’s engagement with new clientele from the UK.
For existing customers, the modifications are set to restrict certain financial activities.&nbsp;
These customers can no longer make new deposits, initiate new contracts, or increase existing margin positions from the specified date.&nbsp;
However, Bitfinex assures that clients will retain the capacity to manage their current positions, including reducing or closing these positions and withdrawing funds.
The Bitfinex exchange said in its January 4 <a href="https://blog.bitfinex.com/announcements/notice-to-uk-customers/" rel="noopener noreferrer nofollow">announcement</a>: “If we understand you are not exempt, you will be notified separately by Bitfinex that effective from 10 January 2024, you will no longer be able to make any new deposits, create new contracts, or increase existing margin position.”
<h3 id="span-style-font-weight-400-exemptions-and-future-operations-span">Exemptions And Future Operations</h3>
While these changes are comprehensive, Bitfinex has outlined specific exemptions.&nbsp;
Corporate clients in the UK who meet the criteria of a high-net-worth company, unincorporated association, or trust are not subject to these new restrictions.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/core-scientific-steps-out-from-bankruptcy-began-operations-with-robust-finances/" aria-label="“Core Scientific Steps Out From Bankruptcy, Began Operations With Robust Finances” (Edit)" rel="noopener noreferrer nofollow">Core Scientific Steps Out From Bankruptcy, Began Operations With Robust Finances</a>
Bitfinex emphasizes that such entities will continue to receive services as before, provided they comply with the legal definitions outlined in UK legislation.
“If you are a corporate UK resident making an application for verification, we may request further information from you as part of your application in order to ensure you meet the eligibility requirements as a high net worth company, unincorporated association or trust, or another relevant applicable exemption,” Bifinex added.
The post <a href="https://bitcoinworld.co.in/bitfinex-customers-get-new-restrictions-in-the-uk-amid-regulatory-changes/" rel="noopener noreferrer nofollow">Bitfinex Customers Get New Restrictions In The UK Amid Regulatory Changes</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Bitfinex Customers Get New Restrictions In The UK Amid Regulatory Changes

Table of Contents

ItsBitcoinWorld

Other articles published on Jan 9, 2024

OpenAI Dismisses New York Times Lawsuit, Alleges Manipulation of AI Model

Sei (SEI) vs. Solana (SOL): The Ultimate Investor Showdown While Pullix (PLX) Ignites a Frenzy

Reasons Behind the Decline of BOND Coin

XRP News: XRP Whale Moves 26 Mln XRP As Price Jumps Past $0.57

Crypto Projects Embrace A New Paradigm As Communities Shape Their Evolution

ICP Price Prediction: UP +150% in 1 Month… Internet Computer Price To reach $25?

Join our free newsletter for daily crypto updates!