Cryptocurrency exchange Bitfinex has announced that UK customers will no longer be able to add to their cryptocurrency wallets on the exchange, but will only be allowed to reduce or withdraw funds from this week.
"From 10 January 2024, certain existing UK customers will no longer be able to make new deposits, enter into new contracts or add to their existing margin positions," the statement said.
Bitfinex is restructuring its operations in the UK, with minor exceptions
In a recent statement, Bitfinex explained its decision to further exclude UK companies from its cryptocurrency exchange. However, some registrants benefit from exemptions;
“Going forward, Bitfinex will no longer accept verification requests from UK-based companies, except those that meet the definition of a high net worth company, association or charitable trust. registered or any other relevant applicable exemption”.
It also specifies that existing clients may continue to reduce or close their positions. Also withdraw money from the stock market.
Read more. Top 7 Cryptocurrency Exchanges with the Lowest Spreads in 2023
UK FCA cryptocurrency rules require short-term cuts
This isn't the first crypto company to suspend services to UK customers recently.
Meanwhile, the changes follow the UK's Financial Conduct Authority (FCA) announcing new rules for trading crypto assets. They will come into force from this year.
On January 3, UK customers using Revolut Business could no longer buy cryptocurrency through the platform.
Despite the temporary suspension, corporate customers can still hold and sell their current crypto assets. However, these adjustments will not affect Revolut's retail customers.
Revolut reportedly emphasized that the temporary suspension gave the company enough time to adapt its services to the FCA's new requirements.
Meanwhile, BeInCrypto recently reported that the FCA has issued final guidance on all the rules that crypto companies must follow when promoting cryptocurrencies.
The statement says:
"This guidance is intended to help companies comply with our rules for financial advertising of crypto assets, in particular the fundamental requirement that advertising be fair, clear and not misleading."
Read more. Top 5 Cryptocurrency Exchanges for Spot Trading
Disclaimer
In accordance with the Trust Project's guiding principles, BeInCrypto is committed to objective and transparent reporting. The purpose of this news article is to provide accurate and current information. However, readers are advised to check their own facts and seek professional advice before making any decisions based on this content. Please note that our Terms of Use, Privacy Policy and Disclaimer have been updated.