Bitfinex is a well-known cryptocurrency exchange that has been in operation since 2012. Raphael Nicolle, the founder of Bitfinex, was born in Hong Kong in 1984. Bitfinex began as a peer-to-peer margin lending platform for bitcoin but later expanded to include other cryptocurrencies. The goal of the platform from the start was to attract customers in the United States. Now, the exchange is used across borders. One of the reasons why this platform necessitates identity verification is because it allows trading of fiat currencies for cryptocurrencies. Bitfinex is a well-known cryptocurrency exchange with a large trade volume. Coingecko ranks Bitfinex as one of the top five exchanges by trading volume. JL van der Velde, the CEO of Bitfinex, is from Taiwan. Bitfinex has offices in Taipei, Taiwan. Bitfinex, on the other hand, has had significant safety concerns including at least two successful hacking attempts that resulted in millions of dollars' worth of digital currencies stolen, allegations of insolvency that were debunked by the firm, and a lawsuit filed by New York Attorney General Andrew Cuomo regarding Tether's malicious behavior. Bitfinex had to make a choice to stop providing services to US consumers due to the complexity of work in the cryptocurrency sector in the United States.