CEX.IO started offering their users the option of transacting with US dollars, euros, and British pounds between their crypto wallets and bank accounts. The option was made available in December 2017, and the user had to use SWIFT or SEPA to perform the transfer.
Shortly after this addition became available, there were delays in the ability to withdraw funds, and users took to Reddit to complain about the problem, along with other social media platforms. There was panic amongst many users, who ended up calling their banks to seek out the pending SWIFT messages but found nothing. These funds were essentially held in limbo, with one user waiting on the deposit for 27 days.
Consumers would think that this issue would be enough to knock down the company from their pedestal as one of the Best Bitcoin Exchanges, according to Cryptovest’s list. However, they delivered on their customer service by working to solve the problem for their clients. At the time, CEO Oleksandr Lutskevych said,
“As one of the few crypto exchanges that support fiat, we are devoted to making bank transfers secure and fast for our clients. We believe that the newly launched wire transfers on CEX.IO will enable our users to manage their funds more conveniently and improve their experience.”
On Wednesday, August 1st, users are able to perform the transactions again, depositing and withdrawing fiat currencies for their bank account. The formerly failed system has since been replaced, which allegedly will eliminate all of the concerns of the recent issue.
Along with the launch, CEX.IO is working to get some good publicity for their services by offering incentives for making deposits. For users that deposit between 3,000 and 9,999 dollars, euros, or pounds, there will be a 1% bonus in their deposit from CEX.IO. Any deposits that exceed 10,000 in any of the currencies will have the benefit of free trading for a full month after the transaction takes place. Hopefully, these efforts can eliminate any concerns, and offer a beneficial portal for users that want to avoid the use of payment cards with their investments.