17 Jun Why Bitfinex’s KYC Course of Units the Gold Commonplace 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. Daily, you’re transacting with individuals 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.

The truth is, because the Bitrace Crypto Crime Report 2025 factors out, crypto-related losses have already topped $502 million this 12 months, with 63% on account 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 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. 1000’s are going by means of our verification course of the identical approach you probably did. All to guard you!

At Bitfinex, Each Stranger is Verified

KYC isn’t about purple 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 “on the spot entry” or “no KYC required,” the underlying actuality is usually larger threat 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 enormous acquisition. 

In response to 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 12 months, 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 persistently chosen the route of longevity, transparency, and compliance.

Would you belief a financial institution that permit 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 alternate, requires id verification. That is the norm of greatest 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 evident and structured however deliberately thorough:

• Primary Plus Verification
  Simply add your ID, verify your tackle and cellphone 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.
  Excellent in order for you larger limits or to unlock margin buying and selling.
• Full Verification
  Embrace 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 elective. 

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 Change 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 trade commonplace.

At the moment, Bitfinex holds roughly 403,000 BTC, price over $47 billion, making it the second-largest bitcoin reserve amongst centralized exchanges. This can be a sign that the largest holders within the house 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 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 trade was, however the place it’s going.

And it’s why Bitfinex continues to draw the most critical contributors 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 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 simplest, they’re simply probably the most price it.

On the finish of the day, a platform that takes your id critically, is much extra more likely to take your property critically too.