17 Jun Why Bitfinex’s KYC Process Sets the Gold Standard in Crypto Industry

Would you ever lend money to a stranger who emailed you out of the blue?

Exactly.

Yet that’s the reality of the internet in 2025. Every day, you’re transacting with people you’ve never met, from every corner of the globe. Many are legitimate. Some know exactly how to hide behind layers of fake information.

In fact, as the Bitrace Crypto Crime Report 2025 points out, crypto-related losses have already topped $502 million this year, with 63% due to hacks and the rest tied to phishing, rug pulls, and social engineering.  Many of these crimes share one thing in common: they exploit weak or non-existent Know Your Customer (KYC) processes on platforms where compliance isn’t a priority.

At Bitfinex, not only do we follow global compliance standards, we set the gold standard. Our KYC process is designed to protect users, prevent fraud, and ensure long-term access to a maturing financial system. 

At Bitfinex, KYC is the backbone of trust. Here, every stranger is verified. Thousands are going through our verification process the same way you did. All to protect you!

At Bitfinex, Every Stranger is Verified

KYC isn’t about red tape. It’s about responsibility. Without it, criminals can slip through the cracks, using throwaway accounts as launchpads for money laundering and fraud.

While some platforms boast “instant access” or “no KYC required,” the underlying reality is often higher risk for users and higher conversion for their bottom line. High-stakes trading competitions, generous bonuses, and heavily hyped (often unvetted) listings, when paired with fast-tracked KYC processes that prioritise speed over thoroughness, are all part of the drive for massive acquisition. 

According to a 2020 study by blockchain analysis firm CypherTrace, in 2019, about 56% of crypto exchanges still had no KYC at all. That same year, criminals laundered an estimated $3.38 billion in bitcoin and other cryptocurrencies

As many exchanges prioritise rapid user acquisition and retail volume at all costs, often at the expense of safety, Bitfinex has consistently chosen the route of longevity, transparency, and compliance.

Would you trust a bank that let anyone move millions without verifying who they are? Neither would we.

Every credible financial platform, whether it’s a bank, brokerage, or crypto exchange, requires identity verification. This is the norm of best financial practices. At Bitfinex, we set the same financial standard for a crypto exchange.

Here’s What Strong KYC Looks Like

Bitfinex’s process is clear and structured but intentionally thorough:

• Basic Plus Verification
  Just upload your ID, confirm your address and phone number, and take a quick selfie.
  This gives you access to crypto deposits, withdrawals, and spot trading.
• Intermediate Verification
  Add a second ID, a proof of address, and complete a short financial form.
  Perfect if you want higher limits or to unlock margin trading.
• Full Verification
  Include a bank statement and a few extra details.
  Required if you want to deposit or withdraw fiat.

This is bank-grade onboarding, built for users operating in a market where billions move daily and where security isn’t optional. 

Because just like any credible financial institution, we don’t offer advanced tools and global liquidity just to anyone without verifying who’s behind the screen.

A Platform Worthy of Professional Traders

Registered in the British Virgin Islands (BVI) while embracing The Original Bitcoin Exchange as our legacy, Bitfinex has been serving professional traders and institutions since 2012. That legacy isn’t built on hype. It’s built on trust. It happened because we took security, regulation, and infrastructure seriously long before it became industry standard.

Today, Bitfinex holds approximately 403,000 BTC, worth over $47 billion, making it the second-largest bitcoin reserve among centralized exchanges. This is a signal that the biggest holders in the space continue to choose Bitfinex to move, manage, and secure large-scale capital.

On-chain data confirms Bitfinex’s appeal to whales, including a $400 million ETH transfer from two dormant wallets in 2024. These are long-term actors choosing infrastructure built for serious capital.

Our KYC process is intentionally rigorous, not just to meet global regulatory standards, but to ensure that all customers on our platform are protected. Our KYC process has been refined, audited, and stress-tested to meet not just where the industry was, but where it’s going.

And it’s why Bitfinex continues to attract the most serious participants in the space, those who think long-term and act with intention. 

Trust Is Earned, Not Fast-Tracked

A thorough KYC process is a feature and a high bar we proudly set. And the foundation of wealth building starts with asset security at its roots. In crypto, as in life, the things that are built to last are never the easiest, they’re just the most worth it.

At the end of the day, a platform that takes your identity seriously, is far more likely to take your assets seriously too.