NEWSFLASH: Bitfinex Suspends Fiat Deposits amid Bitcoin Sell-Off

Bitfinex, British based crypto exchange has temporarily paused EUR, USD, JPY and GBP fiat deposits on all trade accounts linked to its platform; although customers believe trade will normalize within the week.

Last week, online rumours had surfaced claiming that Bitfinex exchange is ‘insolvent’ especially as its banking partner Noble Bank International had been put up for sale; a report which the exchange representatives described as fictitious while denying the claims. According to their publication in response, the Hong Kong operated exchange stated:

How any rational party can claim insolvency when the opposite is there for all to see is interesting. Once again, it is indicative of a targeted campaign on nothing but fiction.

The exchange also posted links to BTC, ETH and EOS cold wallets showing its crypto holdings besides fiat as they explained that complications with fiat transactions occur occasionally just as in most other cryptocurrency organisations. However, they reassured customers of increased efforts to ensure minimized waiting times on all fiat deposits and withdrawals; as well as challenging its accusers to produce substantial evidence affirming their insolvency claims.

Critics however remain unconvinced with the exchange’s declaration as they continue to reference its close association with the controversial tether (USDT) and a long history of banking woes by Bitfinex. Others also claim that the bank looks to have shifted to banking with HSBC via an intermediary private account.

The crypto market on its part has experienced a huge sell off this Thursday, with some market enthusiasts linking the decline to the Bitfinex saga. As at press time, Bitcoin shed about 4% off its Wednesday price from $6565 to $6172, altcoins such as Ethereum shed double figures between 11%-20%.

At this time, Bitfinex is currently the 12th largest crypto exchange by global trade volume averaging $169 million trades over the past days.

 

Do you trade on Bitfinex? What are your thoughts on this?

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CryptoEnthusiast,CryptoEducator and Angel Investor,Writing Pro and Techie