The Bitfinex Exchange, known for its opaque banking operations, began to require users to provide tax data. The platform, registered in the British Virgin Islands, a well-known safe haven for tax evaders, will retain this information and be able to share it with tax authorities in the jurisdictions of its clients. The news caused a real stir and discontent of the users of the site.
In an email sent to some users, Bitfinex outlined a new KYC policy. Now, in addition to the identity card and data on the location of customers, the exchange also wants to receive tax data from users. The letter noted that the claim is valid in accordance with local laws of the British Virgin Islands, where the stock exchange is registered. However, the collection of data is not limited to the exchange. The letter notes that the platform "can exchange this information with the tax authorities of the client's country of residence."
A few months ago, the exchange did not even introduce the basic rules of KYC. Now, it seems, the platform begins to lose its status as the least regulated platform among the largest exchanges. After the publication of the new Bitfinex policy on Twitter, the exchange clarified its position:
"We sent this message not to all users, but only to those who, in our opinion, must comply with their tax obligations to the state. If the user has not received a message from us, he should not provide us any data. "
However, the community members were not satisfied with the answer and believe that in the future all users will be required to comply with the new exchange policy.
As expected, many Bitfinex customers have expressed their desire to boycott the platform and start trading elsewhere. Crypto-currency users are already among the most carefully studied investors in the world due to the increased regulation and transparency inherent in the technology of the blockade. Many believe that the new Bitfinex policy, regardless of its legal framework, has gone too far.
Despite its attempt to work within the legal framework, Bitfinex has been in the center of legal scandals over the past year. Recently, the site was accused of involvement in money laundering in Poland, and the scandal surrounding the connection of the largest crypto exchange and the "virtual dollars" project Tether broke out in November last year. Doubts about the adequacy of providing real currency reserves of USDT tokens appeared a few months before the beginning of broad discussions, but since the beginning of December, events have started to gain momentum, and many still doubt the legality of site operations.