Bitfinex has announced the removal of certain products and services for specific customers in the United Kingdom to comply with new regulatory requirements. The changes will affect all existing individual customers residing in the UK and all existing corporate customers not exempt from UK’s legal regulations.
The cryptocurrency exchange stated that as of November 1, 2023, new UK-based customers will no longer be able to apply for individual account verification. From January 10, some existing UK customers will be unable to make new deposits, enter into new contracts, or increase existing futures positions.
Customers will still be able to reduce or close their positions and withdraw funds from the platform. Bitfinex informed that those who are not exempt will be notified that they cannot engage in new deposit transactions, create new contracts, or increase collateral positions starting January 10, 2024.
Bitfinex clarified that high-net-worth companies, unincorporated associations, or corporate UK residents meeting specific criteria of the legal regulations will not be affected by these changes. The exchange will no longer accept verification applications from corporate UK residents who do not meet these exemptions.
In late October, Bitfinex was added to the UK Financial Conduct Authority’s (FCA) warning list of unauthorized firms, with the FCA advising to avoid transactions with the firm at that time.