Bitfinex starting to report to CRS / FATCA

[respect]

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.

 

[JohnLocke]

Thank you for letting us know. This seems to be the start for the crypto world to slowly turn into a regulated environment

 

[negon]

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

 

[Frederic]

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

 

[respect]

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

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

 

[THR2017]

Their official tweet @bitfinex ...

Bitfinex on Twitter

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, she need _not_ self-certify anything to us at this time.

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?

 

[John Spectre]

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)

 

[DerAufklaerer]

Any actually feedback about this

 

[DerAufklaerer]

1 year later