Bitfinex Introduces ‘New, Improved’ Fiat Deposit System Following Last Week’s Suspension

 In Altcoins, Exchanges, Governments and Regulations

Major crypto exchange Bitfinex has introduced an “improved” fiat deposit system, shortly after temporary suspension of deposits last week, according to an official blog post Tuesday, Oct. 16.

Last week, on Oct. 11, Bitfinex temporarily halted fiat deposits in four fiat currencies – the Euro (EUR), U.S. Dollar (USD), Japanese Yen (JPY), and Pound Sterling (GBP) – without specifying a reason for suspension and claiming that fiat deposits are “expected to resume within a week.”

Yesterday, October 15, the crypto exchange posted an update on fiat deposits, explaining that Bitfinex had “temporarily paused” fiat deposits for “certain user groups […] in the face of processing complications.”

The company also stressed that all crypto and fiat withdrawals were processing without any interference.

In today’s announcement, the Bitfinex team introduced a “new, improved and increasingly resilient” fiat deposit system.

The exchange claims the new system will again enable know-your-customer (KYC)-compliant customers “from around the world” to conduct deposits in the four previously suspended fiat currencies.

According to the statement, the new system will require users to process a deposit request, which will then be reviewed within 48 hours. The deposit itself, as Bitfinex states, will be processed “within 6-10 business days.”

The blog post also states that the minimum fiat deposit amount is to remain at $10,000, with a 0.1 percent processing fee.

Related Article:  Bitcoin Cash (BCH): 5 Possible Scenarios after Contentious Hard Fork

Founded in Hong Kong in 2012, Bitfinex is one of the oldest and most popular crypto exchanges, currently ranked in third place globally in terms of daily trading volume, according to CoinMarketCap.

The company introduced fiat operations in 2015 in a move to enable traders to “enter the digital asset space,” as mentioned in a recent blog post published prior to fiat deposit suspension.

Last week, the exchange issued an official response to a recent swathe of online rumors that it is “insolvent” or facing banking issues. Bitfinex’s rebuttal came in the wake of last week’s reports that the exchange’s banking partner had lost both Bitfinex and affiliated firm Tether — who share a CEO, Jan Ludovicus van der Velde — as clients, among other reports.

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