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Bitfinex requires Tax Information, May plan to share with Government

Bitfinex requires Tax Information
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Bitfinex now requires Tax Information of user before starting cryptocurrency trading. An outline of new KYC Policy – Identity and Location of the users will not work. One need to submit its Tax Information also.

Also read, BitMEX bitcoin price prediction for 2018.

Bitfinex needs Tax Information of Users

Major Crypto Currency exchange Bitfinex has recently notified some of its users that they are required to submit their tax information so the company can then send it over to the British Virgin Islands (BVI) government, which “may” exchange the info with the tax authorities of its users’ country of residence.

A few months before even the KYC Form was not submitted but now Bitfinex has launched its new policy which was called out on Twitter explaining simply that  we have not sent this message to all users. We have deliberately targeted users that we believe have an obligation to self-disclose. If a user has not received a message from us they need not to self-certify anything to us at this time. There appears to be an inference, however, that all users will eventually be obliged to comply.

The Bitfinex Buyers and users have to register themselves under British Virgin Islands known as tax haven.

The News has eventually caused a mixed feelings in customer’s jurisdiction.

The Bitfinex Exchange while speaking with the Local News Channel say “The government of the BVI may then exchange information with the tax authorities of the customer’s country of residence, consistent with the British Virgin Islands law, the U.S. Foreign Account Tax Compliance Act (FACTA), and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS).

Bitfinex Exchange has become the standardized compliance measure

Collection and Processing of this Information-KYC will be handled/managed by Bitfinex Exchange.

Under the law of British Virgin Islands Bitfinex is now requiring users to give their tax information so that it can send it to BVI which will exchange it with your country’s tax authorities.

In accordance to Whale Pool Which Bitcoin, crypto, and legacy market traders’ community the Bitfinex Exchange has set  exchange set May 24-2018 to submit all the forms. There is a Self-Certification From which is a way to prove they are individuals or entities and more importantly they are or aren’t based in the US.

The users along with the copy of this form is submitted when they agreed to comply with applicable laws and regulations when agreeing to its terms of service.

Coming from an exchange synonymous with operating of tax havens and failing to fully audit its Tether stable coin the irony of Bitfinex now wanting to audit its customers is not lost.

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.


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