Media: Bitfinex and Bittrex Tighten Control …

Media: Bitfinex and Bittrex Tighten Control …

Media: Bitfinex and Bittrex Tighten User Identity Control

Cryptocurrency exchange Bitfinex is actively blocking user accounts in an effort to get additional information from them, says The Block.

A few days ago, a Reddit user shared an email from Bitfinex asking him to disclose information related to an exchange account, including “explaining the activity and its purpose in a clear and detailed manner.” In addition, the company wished to receive a “scan of a government-issued identity document” and a photo of the user with this document.

According to Paolo Ardoino, CTO of Bitfinex, the exchange conducted a spot check of users even before the start of the current proceedings with the New York prosecutor’s office and “has always worked hard to improve the existing controls.” He also explained that a user can be sent a corresponding request if he is suspected of money laundering, using dubious funds, living in a jurisdiction whose residents are prohibited from accessing Bitfinex, or shows other signs of suspicious activity..

“We have always used these procedures since the very opening of Bitfinex. They take their origin long before the start of the investigation of the New York prosecutor’s office, “he added..

Media: Bitfinex and Bittrex Tighten Control ...

Also, the Bittrex exchange was noticed for tightening customer identification policies. One Twitter user said that the trading platform asks customers to fill out a special form to be able to continue using its services. Among other things, users need to provide proof of employment and retirement income information, as well as verify transactions.

A Bittrex spokesman did not comment on the observations of community members. Previously, the exchange was denied a BitLicense to operate in New York. As one of the reasons, the local regulator pointed to problems with user identification on Bittrex.

Media: Bitfinex and Bittrex Tighten Control ...
Media: Bitfinex and Bittrex Tighten Control ...

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