17 Jun Why Bitfinex’s KYC Course of Units the Gold Customary in Crypto Business
Would you ever lend cash to a stranger who emailed you out of the blue?
Precisely.
But that’s the truth of the web in 2025. Each day, you’re transacting with individuals you’ve by no means met, from each nook of the globe. Many are reputable. Some know precisely cover behind layers of pretend info.
In truth, because the Bitrace Crypto Crime Report 2025 factors out, crypto-related losses have already topped $502 million this yr, with 63% as a consequence of hacks and the remaining tied to phishing, rug pulls, and social engineering. Many of those crimes share one factor in frequent: they exploit weak or non-existent Know Your Buyer (KYC) processes on platforms the place compliance isn’t a precedence.
At Bitfinex, not solely will we observe world compliance requirements, we set the gold customary. Our KYC course of is designed to guard customers, forestall fraud, and guarantee long-term entry to a maturing monetary system.
At Bitfinex, KYC is the spine of belief. Right here, each stranger is verified. Hundreds are going via our verification course of the identical means you probably did. All to guard you!
At Bitfinex, Each Stranger is Verified
KYC isn’t about pink tape. It’s about accountability. With out it, criminals can slip via the cracks, utilizing throwaway accounts as launchpads for cash laundering and fraud.
Whereas some platforms boast “immediate entry” or “no KYC required,” the underlying actuality is commonly greater danger for customers and better conversion for his or her backside line. Excessive-stakes buying and selling competitions, beneficiant bonuses, and closely hyped (usually unvetted) listings, when paired with fast-tracked KYC processes that prioritise pace over thoroughness, are all a part of the drive for large acquisition.
Based on a 2020 examine by blockchain evaluation agency CypherTrace, in 2019, about 56% of crypto exchanges nonetheless had no KYC in any respect. That very same yr, criminals laundered an estimated $3.38 billion in bitcoin and different cryptocurrencies
As many exchanges prioritise fast consumer acquisition and retail quantity in any respect prices, usually on the expense of security, Bitfinex has constantly chosen the route of longevity, transparency, and compliance.
Would you belief a financial institution that allow anybody transfer thousands and thousands with out verifying who they’re? Neither would we.
Each credible monetary platform, whether or not it’s a financial institution, brokerage, or crypto trade, requires identification verification. That is the norm of finest monetary practices. At Bitfinex, we set the identical monetary customary for a crypto trade.
Right here’s What Sturdy KYC Appears Like
Bitfinex’s course of is obvious and structured however deliberately thorough:
- Primary Plus Verification
Simply add your ID, verify your deal with and cellphone quantity, and take a fast selfie.
This provides you entry to crypto deposits, withdrawals, and spot buying and selling. - Intermediate Verification
Add a second ID, a proof of deal with, and full a brief monetary type.
Excellent if you would like greater limits or to unlock margin buying and selling. - Full Verification
Embody a financial institution assertion and some further particulars.
Required if you wish to deposit or withdraw fiat.
That is bank-grade onboarding, constructed for customers working in a market the place billions transfer every day and the place safety isn’t non-obligatory.
As a result of identical to any credible monetary establishment, we don’t provide superior instruments and world liquidity simply to anybody with out verifying who’s behind the display.
A Platform Worthy of Skilled Merchants
Registered within the British Virgin Islands (BVI) whereas embracing The Authentic Bitcoin Change as our legacy, Bitfinex has been serving skilled merchants and establishments since 2012. That legacy isn’t constructed on hype. It’s constructed on belief. It occurred as a result of we took safety, regulation, and infrastructure critically lengthy earlier than it turned trade customary.
Right this moment, Bitfinex holds roughly 403,000 BTC, price over $47 billion, making it the second-largest bitcoin reserve amongst centralized exchanges. It is a sign that the largest holders within the area proceed to decide on Bitfinex to maneuver, handle, and safe large-scale capital.
On-chain information confirms Bitfinex’s enchantment to whales, together with a $400 million ETH switch from two dormant wallets in 2024. These are long-term actors selecting infrastructure constructed for critical capital.
Our KYC course of is deliberately rigorous, not simply to satisfy world regulatory requirements, however to make sure that all clients on our platform are protected. Our KYC course of has been refined, audited, and stress-tested to satisfy not simply the place the trade was, however the place it’s going.
And it’s why Bitfinex continues to draw the most critical individuals within the area, those that assume long-term and act with intention.
Belief Is Earned, Not Quick-Tracked
An intensive KYC course of is a function and a excessive bar we proudly set. And the inspiration of wealth constructing begins with asset safety at its roots. In crypto, as in life, the issues which can be constructed to final are by no means the simplest, they’re simply essentially the most price it.
On the finish of the day, a platform that takes your identification critically, is way extra prone to take your belongings critically too.
