A Storm Is Cooking On The Bitfinex Cryptocurrency Exchange

Lately, controversy has marred Bitfinex, the fourth most significant digital currency exchange regarding trading volume. Reportedly, a section of the platform's users is alleging that their deposits are not reflecting on their respective accounts. The problem cuts across all amounts of money, with some clients claiming that they deposited up to $100,000. Now, the issues seem to have spread further with several users reporting that they cannot access their withdrawn funds.

Appalling Service Delivery

Seemingly, all is not well on the Bitfinex cryptocurrency exchange, as several traders have expressed their dissatisfaction with the current state of the platform. On the exchanges Reddit page, a client complained that they had waited for over three months for their withdrawals without success. A different user also claimed that their $700,000 withdrawal was yet to be finalized, two weeks after they had initiated the process. Regarding deposits, one user said that their $500,000 deposit was yet to reflect on their account one week after banking the money.

On a single instance, a customer alleges that they tried to deposit $60,000 into their cryptocurrency account on the Bitfinex exchange. Previously, a Bitfinex official publicly stated that the exchange had amended its banking relations without issuing in-depth details. In this particular case, the affected user had a validated account on Bitfinex. While the Bitfinex online portal displayed that the transaction was pending, the funds were yet to be credited on the account. The user has since filed the case at the Hong Kong police station because the exchange’s parent firm, iFinex, is located in the city.

Additionally, another Bitfinex user alleges that their attempt to withdraw £17,151 has been futile yet the Bitfinex website indicates that the transaction has been processed. As per the portal, the transaction was finalized on May 23, 2018. After getting in touch with Bitfinex’s customer support, the customer was referred to Crypto Capital Corporation (CCC), as it was the institution that was handling that specific transfer of funds. In the past, several crypto traders have voiced their concerns against the nature in which CCC conducts its transactions.

The Woes Of Bitfinex

While these complaints are exasperating, this is not the first time Bitfinex has been in the spotlight for wrong reasons. Last year, the exchange was blamed for delaying the processing of withdrawals. Similarly, most of these grievances were raised via Reddit. Besides, an account belonging to the trading platform was recently raided by officials, an event that resulted in the loss of an estimated $400 million.

Furthermore, the crypto exchange received a subpoena from the Commodity Futures Trading Commission (CFTC) at the end of last year. To add to the platform’s woes. FTC denied their request because it would interrupt the commission’s objective of enforcing regulations.

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