17 Jun Why Bitfinex’s KYC Course of Units the Gold Commonplace in Crypto Business
Would you ever lend cash to a stranger who emailed you out of the blue?
Precisely.
But that’s the fact of the web in 2025. Daily, you’re transacting with folks you’ve by no means met, from each nook of the globe. Many are reliable. Some know precisely learn how to conceal behind layers of pretend info.
In reality, 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 remainder tied to phishing, rug pulls, and social engineering. Many of those crimes share one factor in widespread: 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 comply with world compliance requirements, we set the gold normal. 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 by means of our verification course of the identical manner 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 by means of 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 threat for customers and better conversion for his or her backside line. Excessive-stakes buying and selling competitions, beneficiant bonuses, and closely hyped (typically unvetted) listings, when paired with fast-tracked KYC processes that prioritise pace over thoroughness, are all a part of the drive for enormous acquisition.
Based on a 2020 research 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, typically 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 tens of millions 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 normal for a crypto change.
Right here’s What Sturdy KYC Seems Like
Bitfinex’s course of is evident and structured however deliberately thorough:
- Fundamental Plus Verification
Simply add your ID, verify your handle 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 handle, and full a brief monetary kind.
Good 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 day by day and the place safety isn’t elective.
As a result of identical 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 Authentic 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 critically lengthy earlier than it turned business normal.
As we speak, 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 severe capital.
Our KYC course of is deliberately rigorous, not simply to fulfill 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 fulfill not simply the place the business was, however the place it’s going.
And it’s why Bitfinex continues to draw the most severe contributors 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 characteristic and a excessive bar we proudly set. And the muse 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 probably the most price it.
On the finish of the day, a platform that takes your id critically, is way extra more likely to take your belongings critically too.
