Bitfinex Resumes Fiat Deposits, Reveals "Distributed Banking Solution"

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Bitfinex Resumes Fiat Deposits, Reveals "Distributed Banking Solution"

By Ryan Warner
October 16th, 2018

Bitfinex has revealed a "distributed banking solution" that it says will be a "resilient" solution to its many banking problems.

The new system, announced Tuesday, will allow KYC-verified users to immediately begin making deposits in USD, GBP, JPY, and EUR.

Eligible users now must initiate a deposit through their exchange account specifying the exact amount and currency they intend to deposit. The exchange will send the user a notification within 48-hours approving the transfer and providing bank details for the specific transaction.

Bitfinex stated:

“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.”

Bitfinex did not reveal which bank or banks it is working with nor the nature of those banking relationships.

Screenshots, supposedly, from Bitfinex accounts display a warning not to reveal financial information to anyone outside of their financial institutions.

“This banking information is being provided to you for purposes of contributing good faith funding to your account on Bitfinex….This banking information is commercially sensitive and confidential. You should be very careful with this information. You are asked to keep this information to yourself and to not share it except with your financial institution. Divulging this information could damage not just yourself and Bitfinex, but the entire digital token ecosystem. Accordingly, you are cautioned that there may be serious negative effects associated with this information becoming public.”