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Bitfinex Community is Revolted by the New Regulation

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The cryptocurrency exchange Bitfinex has created a wave of frustration among users after announcing they have to confirm their tax status.

A message posted online sparked the attention of Bitfinex users. The company registered in the British Virgin Islands sent a notification obliging users to confirm their tax status by 24 May 2018 in order to be eligible to further benefit from the platform’s services.

The message was posted one day ago on WYKOP forum:

Dear Customer,

 we are required to report certain account information to the BVI government. The US Foreign Tax Compliance Act (FATCA), and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS).

 You can read more about FATCA here and about CRS here.

 Pursuant to BVI law, we are satisfied with our clients’ residence. To

 (1) FATCA self-certification form for individual customers (available here);

(2) FATCA self-certification form for user customers (available here);

(3) CRS self-certification form for individual customers (available here);

(4) CRS self-certification form for customer customers (available here).

 We are pleased to announce that we have a Bitfinex account (May 24, 2018) at the latest. If you are a US person (ie, a US resident, and an US citizen), or an entity that is a US person, please complete the appropriate FATCA form. Otherwise, please complete the appropriate CRS form.

 You are required to provide us with such information. As a reminder, by agreeing to our terms of service (as set out at https://www.bitfinex.com/legal/terms), you have to agree on the applicable laws and regulations.

Thank you for your understanding.

Kind regards,

The Bitfinex Compliance Team”

The announcement wasn’t well received by the Bitfinex community, and negative comments continued to appear in the online environment.

We want to remind you that last week, the famous Bitcoin exchange, Localbitcoins, announced that users are required to enter their ID information to be able to benefit from the platform services.

The distributed blockchain-based platform Whalepool voiced disapproval by posting on Twitter, receiving this response from Bitfinex:

 

The crypto exchange Bitfinex continues to face legislative problems. Last week, the company was procrastinated in a fraudulent scandal by the Polish authorities that involved a €400 million theft. Such cases significantly aggravate the company’s image.


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