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Bitfinex Review – Is It a Crypto Scam? The Truth Exposed (2024)

Bitfinex review
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Bitfinex has received allegations of being a dangerous crypto scam. Find out if those allegations are true or not in this review.

Bitfinex is a well-known cryptocurrency exchange that primarily uses tether (USDT) as a trading pair. However, it may come as a surprise to many that Bitfinex also operates as a multi-level marketing (MLM) firm. 

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The exchange was launched in 2012 by Raphael Nicolle, who played a key role in its development and growth. However, Nicolle parted ways with Bitfinex Review at the beginning of 2017, and the company’s ownership has since changed hands.

Bitfinex is currently owned by iFinex Inc., a shell corporation based in the British Virgin Islands. Despite facing some controversy and legal issues in the past, Bitfinex review remains one of the most popular cryptocurrency exchanges in the world.

Before we get started with this review
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You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.

We may associate the following names with Bitfinex:

  • Jean-Louis van der Velde, Chief Executive Officer, Originating from the Netherlands
  • Giancarlo Devasini, the Chief Financial Officer from Italy, and
  • Paolo Ardoino, also from Italy and serving as CTO

It is my understanding that the executives at Bitfinex review had no prior experience working in an executive capacity for a multi-level marketing (MLM) company. 

Bitfinex review, being one of the earliest cryptocurrency exchanges, has a well-documented history. In June 2016, the Commodities Futures Trading Commission (CFTC) imposed a penalty of $75,000 on Bitfinex review for violating regulations by offering “illegal off-exchanged financed commodity transactions” and for failing to register with the commission. 

The CFTC again fined Bitfinex review in October 2021 for conducting “illegal, off-exchange retail commodity transactions in digital assets with Americans.” The investigation conducted by the New York Attorney General in 2019 revealed that Bitfinex review had concealed over $1 billion in losses from its investors, which were incurred through Crypto Capital Corp. The CFTC imposed a fine of $1.5 million on Bitfinex review in this regard.

Our Methodology

We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.

All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.

These reports are made possible by the collective efforts of contributors like you. If you would like to become a contributor then contact us here.

Products Offered by – Bitfinex Review

Bitfinex review, a famous cryptocurrency exchange, not only helps to simplify the trading of different digital assets but also extends its services to create chances for its customers to earn passive income via the usage of a mechanism known as staking.

Users of Bitfinex review have the option to stake their bitcoin holdings via this approach, which they claim offers overall operation and safety of the network. In exchange, customers are eligible to get passive returns in the form of awards in Bitcoin. The amount of these incentives that customers earn is based on the yearly Return on Investment (ROI) rates that are offered by Bitfinex and are given out on a weekly basis.

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This method gives owners of cryptocurrencies the opportunity to potentially generate a constant source of revenue from their digital assets, while simultaneously providing support for the blockchain networks that are linked with the staked coins. Before engaging in this staking program, users should ensure that they have a clear grasp of the possible risks and rewards associated by giving careful consideration to the ROI rates that are promoted as well as the precise terms and conditions that are supplied by Bitfinex.

The Compensation Plan – Bitfinex Review

Bitfinex is a cryptocurrency exchange that provides its users with an affiliate program through which people have the opportunity to earn commissions based on the trading and margin financing fees paid by retail customers as well as the affiliates that the individual directly recruits. The affiliate program has what’s known as a “unilevel structure,” which implies that commissions are split up across many different tiers of recruiting.

Bitfinex affiliates have the opportunity to earn commissions at a rate of 18% on the first level, which comprises affiliates whom they have directly recruited. The commission rate drops to 6% when moving up to the second level of recruiting, and it drops even lower to 2% when moving up to the third level of recruitment.

On the other hand, it is essential to keep in mind that these commission amounts will, over the course of time, gradually decrease. To be more specific, they go down by 0.5% each and every month. Affiliates may have cause for worry due to the fact that this progressive drop indicates that over time, they may notice a considerable fall in the commissions generated from both their own personal clients and the affiliates they have introduced to the program.

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After a period of thirty-six months, the rate for level 1 commissions will finally reach zero percent. After a period of 12 months, the percentage will be equal to zero for level 2 commissions; after just four months, it will be equal to zero for level 3 commissions. When considering participation in the Bitfinex affiliate program, affiliates have to keep this declining compensation structure in mind since it has the potential to have an effect on the long-term earning potential of Bitfinex affiliates.

The multiplications – Bitfinex Review

Bitfinex provides multipliers on referral commissions, provided that the referring user meets the following qualifying criteria:

The affiliate’s account has passed the basic plus or higher level of the KYC verification process. – The 1.2x multiplier consumer or affiliate in the downline is KYC validated (Basic Plus tier or above). – A multiplier of 1.2x on top of their commissionable volume

  • If a downline client or affiliate has more than 500 USDT worth of LEO tokens in their account, there will be a 1.1x multiplier applied to the commissionable volume of that customer or affiliate.
  • If a downline client or affiliate has more than 5,000 USDT worth of LEO tokens in their account, they will get a 1.2x multiplier on the commissionable volume they generate.
  • If a downline client or affiliate has more than 50,000 USDT worth of LEO tokens in their account, they will get a 1.5x multiplier on the commissionable volume they generate.

Take note that Unus Sed Leo (LEO) is owned by iFinex, which is Bitfinex’s parent firm.

Rebate for Developers

If a Bitfinex affiliate is also a developer, then they are eligible to get a 5% refund on any trading fees that are made by the platform or app that they created.

Participating in Bitfinex Review

Membership in the Bitfinex affiliate program is completely free.

The Bottom Line – Bitfinex Review

Bitfinex’s connection to Tether and the ongoing US criminal investigations have cast significant doubts over the credibility of this cryptocurrency exchange. As an MLM opportunity, Bitfinex presents concerns regarding its diminishing commission rates, which erode the appeal of residual income for affiliates. Moreover, Bitfinex’s staking investment scheme, which promises passive returns, could be seen as a securities offering based on the Howey Test. However, the scheme lacks registration with the SEC, which raises concerns about potential securities fraud.

Bitfinex has a history of regulatory fines, and although it seems to have spun off its commodities division, its compliance with the Commodities Act remains uncertain. Tether, which is closely associated with Bitfinex, has faced challenges regarding its supposed 1:1 USD backing. The opaque reserves of Tether have raised concerns about its credibility. Both Bitfinex and Tether are reportedly subjects of an ongoing US criminal investigation, and there are concerns about Tether being used to manipulate the cryptocurrency market.

Considering these factors alongside global sanctions and recent regulatory actions against crypto firms, the future of Bitfinex remains uncertain. Regulatory scrutiny in the cryptocurrency industry is intensifying, and some notable exchanges, such as FTX and Celsius, have already faced repercussions. Therefore, it is important to carefully assess the risks associated with Bitfinex before making any investment decisions.

In June, the SEC filed a lawsuit against Binance and its owner, Changpeng Zhao, for

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Therefore, there is no surety whether Zhao has been indicted until he is apprehended (Zhao fled to Dubai when the SEC Complaint was withdrawn), but it is quite probable that he has been charged as well.

Bitfinex Review – Is It a Crypto Scam? The Truth Exposed (2024)
Bitfinex Review – Is It a Crypto Scam? The Truth Exposed (2024)

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