Bitfinex Suspends Fiat Deposits

← back to the list


Bitfinex Suspends Fiat Deposits

Posted on October 11th, 2018 in Blockchain News by Ryan Warner

Hong Kong operated Bitfinex has reportedly "temporarily paused" all fiat deposits amid the Bitcoin sell-off.

Last week it was reported that Bitfinex, who was suspected of holding funds at the now faltering Noble Bank, had found a new banking partner in HSBC.

As per reports, Bitfinex was supposedly banking at HSBC through a private account with Global Trading Solutions. Bringing to the forefront speculation that HSBC was unaware of having Bitfinex holdings, and amid media attention closed or suspended the account. 

Currently, Bitcoin is trading for a higher premium on Bitfinex. Likely due to trader uncertainty regarding the problems with fiat deposits and withdraws currently affecting the exchange. 

Earlier this week Bitfinex published a blog post denying insolvency allegations:

“How any rational party can claim insolvency when the opposite is there for all to see is interesting and, once again, perhaps indicative of a targeted campaign based on nothing but fiction,” the firm said in the post. “Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organisations. However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.”