Categories: Bitcoin News

Bitfinex Announces the Resumption of Fiat Deposits

After discontinuing its fiat deposits for nearly a week, owing to its troubles with finding a reliable banking partner, Bitfinex finally has stuck to its…

advertisement

After discontinuing its fiat deposits for nearly a week, owing to its troubles with finding a reliable banking partner, Bitfinex finally has stuck to its words and has announced the resumption of fiat deposit through its new fiat deposit system.

Advertisement

Bitfinex still hunts for a reliable banking partner

Bitfinex announced the resumption of Fiat deposits using its twitter hand where it said that the exchange expected its new fiat deposit system in place with the next few hours.

Bitcoin’s biggest exchange, Bitfinex, had suspended all fiat deposits and stopped accepting bank transfers, just days after the exchange had denied rumors that its operations were on the brink of insolvency. The latest suspension was linked to recent reports which had held that the exchange’s Puerto Rico-based bank, Noble Bank International, was facing insolvency.

Advertisement

The crypto industry outlet The Block, which first broke the news, said Bitfinex was banking with HSBC through a private account of Global Trading Solutions. However, it’s not clear if the lender has blocked the crypto venue or what alternative channels will be considered to solve these transmission delays. In all cases, the complexity and scale involved mean that it is taking some time to return to normal payment cycles, though Bitfinex “expects the situation to normalize within a week.”

Bitfinex’s banking arrangements have been unclear since it lost access to Wells Fargo as its correspondent bank in April 2017. The British Virgin Islands-based company, which currently handles around half a billion in bitcoin trading volumes, opened a Polish bank account in November 2017 to begin trading euro pairs.

Bitfinex is currently the 4th largest exchange globally by daily traded volume, seeing a 154 percent increase over the 24-hour period to see almost $633.4 million in trades on the day.

While clearing rumors of, late last week, on October 7th, Bitfinex published a blog post entitled “A Response To Recent Online Rumours”, in which the company denied it was having problems processing fiat:

“Both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling, and U.S. Dollars. Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organizations.”

The blog post also said that any news about “an entity called Noble Bank,” had no impact on the exchange’s operations.

With Bitfinex resuming its fiat deposits does come as a relief to a lot of users. Does bring in some credibility to Bitfinex statements. Hopefully, the exchange would resolve other matters soon as well.

Will Bitfinex be able to establish the credibility and become a prominent global exchange? Do let us know your views on the same.

Summary
Article Name
Bitfinex Announces the Resumption of Fiat Deposits
Description
After discontinuing its fiat deposits for nearly a week, owing to its troubles with finding a reliable banking partner, Bitfinex finally has stuck to its words and has announced the resumption of fiat deposit through its new fiat deposit system.
Author
Publisher Name
COINGAPE
Publisher Logo

To get the daily price analysis, Follow us on TradingView

Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

Recent Posts

Ethereum Price Forecast: ETH/USD Consolidation Could Culminate In The Ultimate Rally To $500

Ethereum price starts to cave into selling pressure under $400. ETH/USD path of least resistance…

2 hours ago

Bitcoin Price Prediction: BTC/USD Bearish Pennant Pattern Threatened Massive Breakdown To $10,400

Bitcoin price bulls are relentless in the fight for a breakout above $12,000. Delay in…

4 hours ago

Genesis Trading to Offer Savings Account Returns on This Crypto Exchange

Leading Digital Assets broker, Genesis, is entering into a partnership with a crypto exchange, Luno…

14 hours ago

Grayscale Ethereum Trust Files Form 10 To Become SEC Reporting Company

After Grayscale Bitcoin Trust became an SEC reporting company back in January, the Grayscale Ethereum…

14 hours ago

Bitcoin Cash [BCH] Community Distressed Over Possible Chain Split in Nov.

The Bitcoin Cash [BCH] community is fighting over the November 15, 2020 upgrade and different…

16 hours ago

Bitfinex Lists Cardano [ADA] After Increased Demand From The Crypto Community

Prominent cryptocurrency exchange, Bitfinex finally extended support for ADA post-Shelley hard fork. While the new…

17 hours ago