Bitfinex Crypto Exchange Temporarily Suspends All Fiat Wire Deposits Without Reason

All Fiat Wire Deposits with Bitfinex Are Temporarily Suspended Without Reason

On October 8th, Bitfinex was forced to respond to the rumors that suggested the platform was dealing with banking issues. When they issued their response, they were clear in acknowledging the continued “complications” for fiat transactions but commented that other crypto organizations face the same issues. The rumors seemed to be related to the decision by banking partner Noble Bank International to attempt to sell after they lost Bitfinex as a client.

In a new turn of events, Bitfinex made an annoucement on October 11th, indicating that fiat wire deposits involving the Euro, Japanese Yen, Pound Sterling, and U.S. Dollar are all suspended. The suspension is temporary, but Bitfinex provided no information on exactly why it took place at all. To encourage users of the platform that this isn’t a long-term decision, the reports show that Bitfinex said that the deposits are “expected to resume within a week.

Since the reports from Noble, there are some entities in the industry that believe that HSBC is the new banking preference for Bitfinex. The company is believed to be registered under a private account called “Global Trading Solutions.” So far, Bitfinex hasn’t commented on their new banking preference, but they have noted that Noble-related allegations haven’t impacted the operations, survivability, or profits.

Bitfinex has been working on developing banking relationships since April 2017, starting with a rejection from U.S. Wells Fargo & Co. to behave as a correspondent bank. Bitfinex decided to sue the company at the time, but they dropped the case quickly.

As it stands, Bitfinex sees the fourth-most daily traded volume of any exchange in the world. In the last 24 hours alone, they’ve been involved with approximately $633.4 million trades today.

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