How to close your Bitfinex account

You may have been one of old time customers of Bitfinex, you know, that exchange that got ‘hacked’ into their bitcoin wallet and as a (their) decision, they decide to take 30% from any coin from any user in their system.

One of the early exchanges from the wild west bitcoin times, before proper ones came along.

After awhile you might login back into their system to find out that some of your coins worth a few cents 6 years ago is now worth a few dozen/hundreads.

Despite how small the amount may be, Bitfinex make it quite difficult to withdraw, and you should definitely not be charitable with your crypto to such a crooked organization.

After logging in after all these years, you may try to convert your coins into some stablecoin or a coin adequate for transactions (low fees), or one of the newer coins you’re planning to hold at a different exchange.

You’ll be surprised to find you’re unable to transfer any stablecoin away from Bitfinex without filling up a very thorough USA FACTA KYC questionnaire, a good waste of 2 hours to release your last attachment to this exchange.

Providing ID is not enough, you need full financial evidence, about proof of funds, bank statements, etc, etc.

Not only that, but some coins will also be limited in their purchase without the full KYC. Complete bullocks.

To make things simple for you:

  • Stablecoins (USDT, or others): Require full KYC, skip.
  • Major coins (BTC, ETH): High Fees, inadequate to transfer few dozens out.

After a couple trades going back and forth some random coin and USDT finally have an adequate coin that has low fees, requires no additional KYC and has good volume.

LTC

Sign up for a proper exchange, my suggestions:

FTX: altcoin-exchange, political bets, gamestonks, options, futures

Binance: one of the major exchanges, good for basically anything.

You’re not actually closing your account here, just ensuring you can easily move all your reaming assets away from this exchange. Once that’s done you can initiate account removal from the settings page.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store