Bitfinex starting to report to CRS / FATCA

Discussion in 'E-currency and Cryptocurrency exchange service' started by respect, May 17, 2018.

  1. respect

    respect Offshore Agent Entrepreneur

    Some Bitfinex clients have received the following email:


    What are your thoughts on this?

    I am really disappointed by this email, and a lot of customers are going to stop using Bitfinex because of this.
    Adam14, jonage, negon and 1 other person like this.
  2. Admin

    Admin Forum Moderator The Forum Cleaner

    Thank you for letting us know. This seems to be the start for the crypto world to slowly turn into a regulated environment :(
    extremedox101 likes this.
  3. negon

    negon hannibal the cannibal Mentor Group Business Angel

    I read it today on ccn - anyway, wonder if some of the other major exchanges will follow this trend :mad:
  4. Frederic

    Frederic New Member

    Questions is what shall happen if you don't submit anything?
  5. respect

    respect Offshore Agent Entrepreneur

    A lot of people won't submit anything. Either they close your account or put it on hold, I suppose.

    Expect the crypto volume to be reduced drastically in the coming days: Bitfinex Trade Volume and Market Listings | CoinMarketCap - Right now at $814M per day
  6. THR2017

    THR2017 New Member

    Their official tweet @bitfinex ...

    Bitfinex on Twitter

    I guess case by case basis. Maybe only people that are from certain jurisdictions and/or have used FIAT to withdraw/deposit. Any feedback from anyone who did receive the request?
  7. John Spectre

    John Spectre Building Trust Entrepreneur

    I received this request.
    I'm verified user on bitfinex, but NOT from US(fatca) or crs supported country.
    Also I didn't do any withdraw\deposit used FIAT. Only crypto involved.
    I guess they send requests for verified users who have large deposits(there are plenty suggests about deposit size that trigger request: 10k$, 100k$. 250k$. But nobody know for sure)