Bitfinex Requiring Tax Information from Users of British Virgin Islands

Bitfinex Requiring Tax Information from Users of British Virgin Islands

Bitfinex, the cryptocurrency trading platform, has recently distributed a letter to all users who reside within the British Virgin Islands to disclose their tax information as a new standard requirement. The exchange may or may not share this information with the government according to their official statement on twitter May 17.

The exchange is currently registered in the British Virgin Islands and bylaw has to report specific information to their government. The deadline for Bitfinex to submit the information to government authorities is set for May 24. Users of the platform must complete their self certification forms by that date.

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Currently, US residents along with other citizens not living within the British Virgin Islands will not be required to submit this tax information. However, many users of the crypto exchange are now worried that this may be a catalyst for future tax implementations from the exchange.

In April, Bitfinex fell under the “Virtual Markets Integrity Initiative”. This was an inquiry to the policies and practices of the platform. It was launched by New York Atty. Gen. Eric T Schneiderman.

This letter was sent out to many other cryptocurrency exchanges requesting information such as internal operations, controls, and other key aspects on operations of cryptocurrency exchanges in order to “protect investors and users”.

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