The verification process for Bitfinex is a standardised compliance measure for Anti-Money Laundering (AML), Know Your Customer(KYC), and Counter-Terrorism Financing (CTF) laws and regulations.

Bitfinex offers four levels of verification: Basic Access, Basic Plus, Intermediate, and Full. Basic Access provides view-only access without the ability to take any actions. 

To access Bitfinex Borrow, your account must be verified to at least Intermediate level. The table below, sourced from the Bitfinex website, provides a comparison of the verification levels. Corporate verified accounts also require at least Intermediate level verification for cryptocurrency deposits, trades, or withdrawals.

Note: If you use the third-party service provider OpenPayd for your Euro transfer, you only need to verify your account at the Intermediate level or higher.

How Long Does It Take? 

Basic and Basic Plus verification typically takes 10 to 30 seconds to complete processing. However, the Intermediate and Full tiers necessitate 2-3 days for approval, with additional verification necessary for traders aiming to access advanced trading features such as Bitfinex Margin Trading and Funding, as well as for fiat currency deposit and withdrawal. Applications can take longer if they are incomplete or if they are submitted during periods of significant public interest in cryptocurrencies.