Bitfinex Reportedly Halts Fiat Deposits Amid Rumours of HSBC Withdrawal

Bitfinex Reportedly Halts Fiat Deposits Amid Rumours of HSBC Withdrawal

cryptocurrency exchange News
October 11, 2018 by Jane
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Cryptocurrency exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen, and Pound Sterling. Screenshots of customer accounts started circulating on social media moments ago, suggesting that the British Virgin Islands-based and Hong-Kong-operated cryptocurrency exchange has temporarily paused wire deposits. However, tweets have also shown an alleged screenshot from
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Cryptocurrency exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen, and Pound Sterling.

Screenshots of customer accounts started circulating on social media moments ago, suggesting that the British Virgin Islands-based and Hong-Kong-operated cryptocurrency exchange has temporarily paused wire deposits.

However, tweets have also shown an alleged screenshot from the exchange saying that it “expects the situation to normalize within a week”.

The rumors regarding BitFinex’s financial health emerged after Bloomberg reported that the bank associated with the pair in recent months, Puerto Rico’s Noble Bank, was looking for a buyer at a bargain-basement price.

Earlier this week, Bitfinex published a blog post denying allegations that it is insolvent, though many critics remain unconvinced, particularly given the exchange’s close association with the controversial tether (USDT) cryptocurrency.

Bitfinex is the sixth largest exchange by trading volume, and it is apparent that halting fiat deposits could have affected the market negatively. So far, traders on the exchange have not reported any issues with withdrawals.

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