Bitfinex Exchange Enables Fiat Deposits Again After Performing a System Upgrade
The recognized cryptocurrency exchange Bitfinex has announced a new process for depositing funds into the platform. Some days ago, the company decided to halt the service, creating complaints from users.
On Tuesday, the company announced in a blog post that they have enhanced their deposit system. As per the release, the platform has been improved and now it is ‘increasingly resilient.’ Users that are compliant with the KYC process will be able to start funding their accounts with US dollars, Pounds Sterling, Japanese yen and euros.
A few days ago, Bitfinex informed its users that they had to suspend fiat deposits for a short period of time. As per the report ‘certain customer accounts’ and ‘user groups’ were affected but it was not clear which users experienced this issue.
Bitfinex said that with the new system it will be possible to stop attacks from other exchanges. However, they did not provide information about these attacks.
The company explained on the matter:
“We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.”
The new deposit process has been described as a distributed banking solution. Furthermore, customers and clients can start funding their wallets just initiating a deposit request.
After, it, the exchange will review the account and users will receive information about how to send the fiat currencies. Although this process is expected to take up to 48 hours, the company believes that it will be much more resilient than what it was in the past.
In addition to it, the minimum deposit is $10,000. The transaction will finally be processed between six and ten days after the deposit is made.
Bitfinex is currently the third largest crypto exchange in the market according to CoinMarketCap. In the last 24 hours, it managed a trading volume of $500 million dollars.