Bitfinex Suspends All Fiat Currency Wire Deposits

Oct 11, 2018 at 21:13 Update Date :Feb 27, 2019 at 07:46 UTC

Bitfinex, the cryptocurrency exchange has suspended fiat deposits for major currencies like U.S. Dollar, Euro, Japanese Yen and Pound.

Without giving any particular reason for the suspension, crypto exchange states that deposits are expected to resume in a matter of few weeks.

As per the reports of October 8, the exchange responded to the rumors spread online that claimed Bitfinex to be insolvent and are facing bank issues. Recently, the exchange acknowledged about complications that they still exist for Bitfinex in fiat transactions. Its banking partner – Puerto Rico’s Noble Bank International, now looking up a buyer after losing both Bitfinex and Tether as clients.

Some in the crypto space, in response to the Noble Bank reports, suggested that Bitfinex has shifted to banking under Global Trading Solutions. However, the exchange still has not reacted to the claims, cleared that all such allegations have no such impact on Bitfinex.

In April 2017, Bitfinex history of banking relationships begun when Well Fargo & Co. refused to continue being as correspondent bank.

Bitfinex, currently being the 4th largest exchange worldwide, over the last 24 hours, seeing a 154 percent increase to $633.4 million trade in a day.

Presently, BTC price is trading on Bitfinex at a premium, indicating that traders aren’t comfortable for holding funds on the platform, raises questions about the stability of fiat withdrawals.

The prices of major altcoin like Bitcoin are – $6303 on Bitfinex, $6199 on Bitstamp, $6192 on BitMEX, works out to a premium of two percent.

In contrast to the allegations, firm said that any party can claim insolvent and complications do exist for other companies too. There’s nothing more in that targeted campaign other than fiction.

In the end they added that they still do their maximum with fiat deposits and withdrawals and will continue doing this.

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