Current Suspension of Fiat Deposits
Major cryptocurrency exchange Bitfinex has put a pause on all fiat wire deposits for several currencies, including the Euro, U.S. Dollar, Japanese Yen, and Pound Sterling, according to reports on October 11. This unexpected move leaves traders scratching their heads, worrying about their funds.
Reasons for the Suspension
Bitfinex has yet to provide a specific reason for this temporary suspension. However, they assure users that deposits should resume within a week. Cryptocurrencies are known for their wild rides and unexpected twists, this situation feels like par for the course in this unpredictable marketplace.
Rumors and Concerns Addressed
The exchange recently found itself in the hot seat, prompted by rampant online rumors suggesting it was insolvent or facing severe banking troubles. In a recent statement, Bitfinex acknowledged ongoing complications with fiat transactions—a headache that many crypto organizations have faced during these turbulent times.
Banking Partner Issues
Adding fuel to the fire, reports emerged about Bitfinex’s banking partner, Puerto Rico’s Noble Bank International, looking for a buyer after losing Bitfinex and its sister firm, Tether, as clients. This has raised eyebrows and stirred speculation within the crypto community.
New Banking Relationships
In light of the Noble Bank situation, some believe that Bitfinex has switched its banking allegiance to HSBC through a newly formed private account dubbed “Global Trading Solutions.” However, the exchange has remained tight-lipped about these claims but asserts that none of the Noble-related worries affect its operations or financial health.
A Peek into Bitfinex’s History
Bitfinex’s rocky history with banking can be traced back to April 2017 when Wells Fargo allegedly ceased its operation as a correspondent bank for the exchange. Bitfinex even filed a lawsuit against the bank, which was quickly dropped. Such a backstory hints at the intriguing yet challenging landscape of cryptocurrency exchanges.
Current Market Position
Despite the recent turmoil, Bitfinex holds its ground as the fourth-largest exchange globally by daily traded volume, experiencing a remarkable 154 percent increase in trades just within the last 24 hours, reaching nearly $633.4 million. So while things may look a bit shaky now, the trading volume suggests that many are holding steadfast.
+ There are no comments
Add yours