• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Users Call Revolt As Bitfinex Demands Tax Information

Wilma Woo by Wilma Woo
4 years ago
in News, Bitcoin Businesses, Bitcoin Exchange, Bitcoin Regulation, Bitcoin Taxes, News teaser
0

Cryptocurrency users are reacting after exchange Bitfinex has told traders they must confirm their tax status in order to use its services.


Bitfinex: We Need Tax Info By May 24

In a message to account holders, Bitfinex, which is registered in the British Virgin Islands (BVI), said it was “required” to gain evidence of tax status, which users must provide themselves by May 24.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Pursuant to BVI law, we are required to obtain self-certifications from our customers in order to ascertain each customer’s tax residence,” the message reads.

Bitfinex - Fostering Innovation

Once in its hands, Bitfinex continues, it “may then exchange that information with the tax authorities of the customer’s country of residence, consistent with British Virgin Islands law, the U.S. Foreign Account Tax Compliance Act (FATCA), and the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS).”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The announcement met with anger from community figures and online commentators, who appeared to see the demands as a fresh step in the increasing centralization of the cryptocurrency exchange industry.

Earlier this month, popular p2p trading platform Localbitcoins also announced it would require users to submit identification documents for “significant” trading activity and under various other circumstances.

‘Deliberately Targeting’ Users

Responding to Bitfinex, popular crypto personality WhalePanda meanwhile called for a boycott of the exchange.

“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,” he wrote on Twitter.

We strongly disavow. If you also disagree with this decision, peacefully protest it by withdrawing your money from Bitfinex.

In its response, the exchange admitted it was “deliberately targeting” certain users. While the criteria for this “targeting” remains ostensibly a mystery, it is likely closely tied to trade volume as with Localbitcoins.

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.

— Bitfinex (@bitfinex) May 17, 2018

Bitfinex has faced legal difficulties this year as it continues to grow. Last month, Polish authorities implicated the exchange in a €400 million fraud case, while in March, officials claimed they wanted to relocate from BVI to Switzerland.

The country has become known for its ‘friendly’ regulatory stance towards Bitcoin businesses.

What do you think about Bitfinex’s tax demands? Let us know in the comments section below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Wilma Woo

Wilma Woo

Related Posts

Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

18 hours ago
Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

1 day ago
DAI

DAI Emerges Strong Despite Terra’s Downfall

2 days ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

2 days ago
Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

2 days ago
A16z

A16z Rolls Out $600 Million Gaming, Web3 And Metaverse Dedicated Fund

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.