17 Jun Why Bitfinex’s KYC Course of Units the Gold Customary in Crypto Trade
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. Day by day, you’re transacting with folks you’ve by no means met, from each nook of the globe. Many are professional. Some know precisely the best way to cover behind layers of pretend data.
Actually, because the Bitrace Crypto Crime Report 2025 factors out, crypto-related losses have already topped $502 million this yr, with 63% as a result 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 commonplace. 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. 1000’s are going via our verification course of the identical approach you probably did. All to guard you!
At Bitfinex, Each Stranger is Verified
KYC isn’t about crimson tape. It’s about duty. With out it, criminals can slip via the cracks, utilizing throwaway accounts as launchpads for cash laundering and fraud.
Whereas some platforms boast “instantaneous entry” or “no KYC required,” the underlying actuality is commonly larger 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.
In response to 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 speedy 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 hundreds of 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 change, requires id verification. That is the norm of finest monetary practices. At Bitfinex, we set the identical monetary commonplace for a crypto change.
Right here’s What Sturdy KYC Seems to be Like
Bitfinex’s course of is evident and structured however deliberately thorough:
- Fundamental Plus Verification
Simply add your ID, affirm your tackle and telephone quantity, and take a fast selfie.
This offers you entry to crypto deposits, withdrawals, and spot buying and selling. - Intermediate Verification
Add a second ID, a proof of tackle, and full a brief monetary kind.
Excellent if you’d like larger limits or to unlock margin buying and selling. - Full Verification
Embrace a financial institution assertion and some additional 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 elective.
As a result of similar to any credible monetary establishment, we don’t supply superior instruments and world liquidity simply to anybody with out verifying who’s behind the display screen.
A Platform Worthy of Skilled Merchants
Registered within the British Virgin Islands (BVI) whereas embracing The Unique Bitcoin Trade 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 severely lengthy earlier than it turned business commonplace.
Right this moment, Bitfinex holds roughly 403,000 BTC, value over $47 billion, making it the second-largest bitcoin reserve amongst centralized exchanges. It is a sign that the most important 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 prospects on our platform are protected. Our KYC course of has been refined, audited, and stress-tested to satisfy not simply the place the business was, however the place it’s going.
And it’s why Bitfinex continues to draw the most critical members within the area, those that assume long-term and act with intention.
Belief Is Earned, Not Quick-Tracked
A radical 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 might be constructed to final are by no means the best, they’re simply probably the most value it.
On the finish of the day, a platform that takes your id severely, is much extra more likely to take your belongings severely too.