Major Cryptocurrency Exchange Bitfinex Adds Intermediate Level of Verification

Libra Coin News
Wed, 08/14/2019 - 14:16
Yuri Molchan
Bitfinex now allows unverified users to have access to the numerous products of the exchange without having to provide banking details
Cover image via U.Today

In a recent blog post, Bitfinex exchange, which shares the management team and banking partners with Tether Ltd to issue and provide liquidity for the USDT stablecoin, has made an announcement. 

From now on unverified users can pass an intermediate verification level to access products and privileges they cannot get otherwise.

An offer one cannot refuse

The Bitfinex team is eager to get as many verified customers as possible. So as a promotional move, it has launched an intermediary verification level. Unlike regular verification, in this case customers do not have to provide their banking details and will be able to access almost all benefits and services of the exchange that verified users enjoy:

  • They can access the native UNUS SED LEO token;

  • Be eligible for trading new products on the exchange;

  • Working with stablecoins, e.g. USDT;

  • Having to ensure fewer confirmations than unverified customers have to provide;

  • Conduct deposits and withdrawals with fiat currencies.

However, the team highlights that users who pass the intermediate verification level will be unable to deposit or withdraw funds via bank transfers, since they provide no banking details.

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The community’s response

Overall, the reaction of the crypto community in the comment thread was positive. Some praised Bitfinex for providing a less-difficult-to-conduct procedure than KYC.

Image by Twitter

However, one Twitter user complained that Bitfinex does not work with US-based customers.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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