Bitfinex’s Banking Relationship Looks To Be At HSBC Via Global Trading Solutions Amidst Tether Worries

The news that the Asian based Cryptocurrency trading platform, Bitfinex seems to be moving some of its banking business towards HSBC financial service company landed with much surprise in the crypto space.

The update was released into the aired in the early hours of the day by a New York based crypto analyst, claiming that Bitfinex, in a proclamation, also informed its customers that the deposition of EUR, JPY and GBP will be held still with the expectation that the situation would be regularized within a week.

The analyst said; “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions.” Therefore, HSBC may not be aware of the development due to the private nature of the account.

Not the first of its kind, Bitfinex, previously had a banking relationship Wells Fargo. After opting out of the previous relationship in April 2017, Bitfinex, alongside Tether, shifted their banking trade to Noble International, before, deciding on the latest one.

The British Virgin Islands registered company, Bitfinex which has its headquarter in Hong Kong has been flagged with a long and winding history in banking relationship.

Bitfinex maintains a close relationship with Tether stablecoin. They both keep the same investors and management, and a larger percentage of the native coin of Tether, USDT is traded on Bitfinex exchange. Their relationship makes Bitfinex banking business get close scrutiny.

Despite the fact that Bitfinex latest banking business with HSBC is through a private account, if made clear that Tether is aware of the situation, rousing dispute in the crypto community over the authenticity of the update would be calmed even though the pausing of currency deposit will still be a major concern.

Up till the moment, there has been no official claim or information from the officials of the crypto trading platform on the update despite the fact that it has become the talk of the town.