Yet-another-report-connects-Bitfinex-to-Puerto-Ricos-Noble-Bank-Review

Bitfinex has reportedly found new partners in the Caribbean. Three different insiders had notified that the exchange operator has opened accounts at Noble Bank International, a financial institution based in San Juan, Puerto Rico.

After being dumped by Wells Fargo last year, there have been numerous rumors about Bitfinex’s banking partner. The exchange firm has managed to keep it a secret on how it transfers fiat money, a key component in its structure.

Bitfinex’s Link to Nobel bank

Bloomberg has reported that Bitfinex has created a complex structure to move funds within the banking system to stay in the game. The report quotes an anonymous source privy to the operations of Bitfinex saying that Noble was ‘almost entirely responsible’ for the increase noted earlier, which saw cash deposits rise to $3.3 billion in Dec. 2017 from $191 million the previous year.

The BitMEX document also pointed towards Tether’s growth in value of 215% during the fourth quarter of 2017. For them, this provided further grounds to speculate that Noble was the primary reserve bank of the company.

This is not the first time that Puerto Rico’s financial institution is being said to be Bitfinex’s banking partner. It was reported that Noble was likely providing banking services to Bitfinex and Tether — a cryptocurrency startup that issues a USD-pegged token that trades under the ticker symbol USDT. Bitfinex and Tether are closely related to an extent of even sharing a management team but the two firms have not discussed the exact nature of their relationship in public.

Back in January, software engineer and security analyst, Tony Arcieri commented:

“I, and many others, suspect Tether is being used to effectively counterfeit hundreds of millions of dollars of perceived value, which are being immediately reinvested into Bitcoin.”

Bitfinex has always found trouble finding a long-term partner. The firm is said to have bounced around institutions using a string of third-party accounts following the decision by Wells Fargo to close the exchange operator’s accounts.

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

eighteen − sixteen =