Notice to UK Customers - Bitfinex blog
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Bitfinex statement

04 Jan Notice to UK Customers

Posted at 14:04h in Announcements by

Bitfinex announces that it has made the decision to remove the availability of our products and services in the United Kingdom for certain customers, in line with regulatory requirements. 

  • For New Customers:

We previously communicated that UK residents who created an account on the Bitfinex platform on or after 1 November 2023 will no longer be eligible to apply for Individual account verification. This measure will continue to remain in place.

Going forward, Bitfinex will no longer be accepting applications for verification of corporate UK residents, with the exception of those who meet the definition of a high-net-worth company, unincorporated association or trust, or another relevant applicable exemption. 

‘High net worth’ carries a specific definition under the relevant legislation in the UK. If you are a corporate UK resident making an application for verification, we may request further information from you as part of your application in order to ensure you meet the eligibility requirements as a high net worth company, unincorporated association or trust, or another relevant applicable exemption. 

  • For Existing Customers:

Notice of removal of certain services for existing UK customers

As communicated, from 10 January 2024, certain existing UK Customers will no longer be able to make any new deposits, place new exchange orders, create new contracts, or increase existing margin and derivatives positions. However, affected customers will continue to be able to reduce or close their positions, and withdraw their funds from our platform.

From January 31st, if you are an affected customer, you will no longer be able to initiate new over-the-counter trades for all crypto-assets. In addition, measures are due to come into effect on February 14, which will affect the ability to use the following products or services: Staking, Lending Pro, Funding, Bitfinex Borrow, Bitfinex Securities and Affiliates.

Who is affected?

Two types of customers will be affected:

  1. All existing individual customers who are a UK resident; and
  2. All existing corporate customers who are a UK resident and who do not fall into an exemption under the UK’s Financial Promotions Order, or other relevant UK legislation. If we understand you are not exempt, you will be notified separately by Bitfinex that starting from 10 January 2024, you will no longer be able to make any new deposits, create new contracts, or increase existing margin and derivatives positions. However, you will continue to be able to reduce or close your positions, and withdraw your funds from our platform.   

Who is not affected?

If you are a corporate UK resident who meets the criteria as a high net worth company, unincorporated association or trust, or other applicable exemption, you will remain unaffected by these changes. Specifically, the means you are one of the following:

  • A high-net-worth company, unincorporated association or trust in the UK, as defined by Article 49 the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023. Specifically:
    • Body corporate – (a) with more than 20 members, or a subsidiary of a company with more than 20 members, and called-up share capital or net assets of not less than £500,000; or (b) called-up share capital or net assets of not less than £5 million. 
    • Unincorporated associations or partnerships – with net assets of not less than £5 million.
    • Trustees of a high value trust – with an aggregate value of the cash and investments which form part of the trust’s assets (before deducting the amount of its liabilities) of £10 million.
    • Directors / officers or employees of the above – a person acting as a director, officer or employee of any of the above, and are responsible in that role for engaging in investment activity. 
  • An investment professional, as defined by Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023. Specifically:
    • Authorised person, in accordance with section 31 of the Financial Services and Markets Act 2000;
    • Government and local authority; and
    • Person whose ordinary business involves carrying on a controlled activity of the kind to which the financial promotion relates and which may include:
      (a) investment trust companies;
      (b) companies which provide venture capital;
      (c) large companies which have a corporate treasury function;
      (d) other persons who carry on an activity such as dealing in, arranging or advising on investments but who do not require authorisation because of an exclusion in the Regulated Activities Order; and
      (e) professional firms who are exempt under Part XX of the Financial Services and Markets Act 2001 (e.g. solicitors).
  • This also includes persons acting in their capacity as directors, officers or employees of such persons.

We apologise for any inconvenience this may cause and appreciate your support and cooperation with these matters.

If you have been contacted notifying you that you are an affected customer, or you have any questions or concerns regarding this matter, please reach out to our Customer Support team at https://cs.bitfinex.com/OI?subject=UK+restrictions .

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