Bitfinex & KYC

[Andrey]

Lately i been see more problem with Bitfinex have people complain they need big KYC for withdraw, do you know what happening with and why they doing this?

https://www.reddit.com/r/bitfinex/co...ding_my_money/ and https://www.reddit.com/r/bitfinex/co...e_been_freeze/

As it is our mission and commitment to provide better and reliable services for all Bitfinex users, we require our users to update and/or provide Know-Your-Customer information from time to time in order to maintain the level of integrity and compliance required by international anti-money laundering as well as counter terrorist financing policies.

Accordingly, please provide us with the following details:

• A proof of source of funds confirming how the deposited funds were originally acquired.
• A detailed description of the destination you are sending your funds to from your Bitfinex account
• Reasons for transfers from and to your Bitfinex account;
• A clear and detailed explanation your account activity and objectives.
• A detailed explanation of the sources of all funds deposited to Bitfinex; provide details on how and where you acquired the funds that were deposited to your account. Make sure to include TXids and addresses that describe the source of the funds deposited to your Bitfinex account.
• Have you ever opened and used any other account(s) on Bitfinex? If so please provide the user name(s) and email address(es) of any account ever opened. explain why you operated more than one account, if you have

Please send us this information as soon as possible. We reserve the right to require further particulars and documentation from you.

Thank you for your anticipated co-operation and note that any restrictions on your account will not be released until ALL the requested information and documentation has been received

i want to understand why they do this, and what cause them to force user to provide those informations
tks

[kangarooski]

Asked a Bitfinex staff about this earlier today, they replied:

If you are a normal everyday individual trader it should never become an issue for you. But if transacting in fiat bitfinex has a regulatory obligation to make sure you are a normal everyday individual trader and not a space pirate

So it appears it's to do with users depositing or withdrawing fiat to Bitfinex, those are what raise KYC issues, which is similar to all the rest like Coinbase, Gemini, etc.

[cryptomanz]

Bitfinex is solid, they'll sort you out