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Bitfinex will start providing regulators with tax data for customers

The Exchange began to improve its reputation.

18.May.18 10:32 AM
By John M Jeffcoat


Bitfinex will start providing regulators with tax data for customers
It became known that the exchange platform Bitfinex, which previously was known for its non-transparent wiring and transactions, will now ask its traders for tax data. The Exchange intends to keep these data in its registers and, if necessary, provide it to the tax authorities. The news was perceived by users of the platform ambiguously.

To notify customers about the new policy of KYC, the Exchange management sent emails. Moreover, the messages were not sent massively, but selectively, only to those participants of exchange relations who, in the opinion of the heads of the trading platform, must fulfill their tax obligations to the state. All the requirements stated in the message are legal.

Earlier it was also reported that the site began to introduce the basic standards of KYC. These measures forced many Bitfinex customers to declare a boycott of the exchange and switch to other crypto-exchange sites.

Analysts believe that the new policy of the crypto exchange is conditioned by the desire to work in full compliance with the laws and improve its reputation, which has suffered more than once in recent times due to various troubles, mainly related to the opacity of payments conducted by Bitfinex.

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