Cryptocurrency exchange Bitfinex has announced that customers in the United Kingdom can no longer increase their crypto portfolios on the exchange, they are only permitted to reduce or withdraw from this week onwards.

“Effective from 10 January, 2024, certain existing UK Customers will no longer be able to make any new deposits, enter into new contracts, or increase existing margin positions,” the statement declared.

Bitfinex Restructures UK Operations, Making Limited Exceptions

In a recent statement, Bitfinex clarifies its decision to exclude corporate UK residents from its crypto exchange going forward. However, specific registered entities will receive exemptions:

“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.”

Furthermore, it explains that existing customers will be able to continue reducing or closing their positions. Additionally, withdraw funds from the exchange.

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Author: Ciaran Lyons

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