Beset with allegations that it is flouting regulations by allowing US bitcoin traders to access its platform, cryptocurrency exchange giant Bitfinex promised that it’s trying super hard to stop that from happening.
Bitfinex Admits US Resident Traded on Its Bitcoin Exchange
After sneakily evading Bitfinex’s security restrictions – read: checking a box that says they pinky-swear they’re not a US resident – ImaNYresident was able to use the bitcoin exchange freely.
It’s not a good look for Bitfinex, which has come under legal scrutiny for allegedly serving US bitcoin traders. The New York Attorney General claims that Bitfinex, along with stablecoin issuer Tether, has offered unlicensed cryptocurrency services to New York residents up to and including 2019.
But the firm promises it’s working super-duper hard to keep its exchange squeaky-clean: “we remind United States persons that they are not welcome on our platform,” the announcement read.
Crypto Giant Farms Out KYC to Media Industry
But in a bizarre and frankly disconcerting turn, Bitfinex then blamed journalist Frank Chaparro for its seeming inability to enforce its own geographic restrictions.
“We think it’s unfortunate that Mr. Chaparro would rather associate himself with these actions than actively attempt to help us uncover and punish fraudulent behaviour on our platform. This kind of ‘gotcha’ sting also speaks volumes about his and our other detractors’ true motivations.”
Apparently, the firm believes it’s the media’s duty to “actively attempt to help…uncover and punish fraudulent behavior” on its platform. I guess that’s one way to cut costs.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.