Cryptocurrency exchange Bitfinex has announced an update to its know-your-customer (KYC) process and is asking verified users to submit additional information in an effort to strengthen security. 

According to an email sent to verified Bitfinex users, the crypto exchange is attempting to tighten its KYC process in an effort to bring all clients “to the same level.” 

Paolo Ardoino, chief technology officer of Bitfinex, told The Block the exchange is “always” working to improve upon its security and regulatory compliance. 

He said, 

That means we are in contact with our customers continuously. We may, for example, be updating various KYC documents that have expired, or clarifying the nature of certain transactions.

The updated KYC process asks verified clients to share details on the source and use of their funds, in addition to providing proof of residential address. 

Ardoino said that all client information obtained by Bitfinex is “retained securely and confidentially.”

He added, 

While we do allow unverified customers on our platform to engage in limited trading activities, we always work to ensure that all customers – both verified and unverified – are respecting the same ground rules.

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