17 Jun Why Bitfinex’s KYC Course of Units the Gold Commonplace in Crypto Trade
in Schooling
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 professional. Some know precisely the right way to conceal behind layers of faux info.
In actual fact, because the Bitrace Crypto Crime Report 2025 factors out, crypto-related losses have already topped $502 million this yr, with 63% because of hacks and the remainder 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 can we comply with international compliance requirements, we set the gold commonplace. Our KYC course of is designed to guard customers, stop 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 our verification course of the identical means you probably did. All to guard you!
At Bitfinex, Each Stranger is Verified
KYC isn’t about purple tape. It’s about accountability. With out it, criminals can slip by the cracks, utilizing throwaway accounts as launchpads for cash laundering and fraud.
Whereas some platforms boast “prompt entry” or “no KYC required,” the underlying actuality is commonly larger 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 velocity over thoroughness, are all a part of the drive for enormous acquisition.
In line with 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, typically on the expense of security, Bitfinex has persistently 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 alternate, requires identification verification. That is the norm of finest monetary practices. At Bitfinex, we set the identical monetary commonplace for a crypto alternate.
Right here’s What Robust KYC Seems Like
Bitfinex’s course of is obvious and structured however deliberately thorough:
- Primary Plus Verification
Simply add your ID, verify 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 type.
Good if you need larger 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 optionally available.
As a result of similar to any credible monetary establishment, we don’t provide superior instruments and international 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 Alternate 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 grew to become business commonplace.
As we speak, 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 largest holders within the house proceed to decide on Bitfinex to maneuver, handle, and safe large-scale capital.
On-chain knowledge 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 satisfy international 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 business was, however the place it’s going.
And it’s why Bitfinex continues to draw the most severe individuals within the house, those that suppose 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 inspiration of wealth constructing begins with asset safety at its roots. In crypto, as in life, the issues which are constructed to final are by no means the best, they’re simply essentially the most value it.
On the finish of the day, a platform that takes your identification severely, is way extra more likely to take your property severely too.
