On 15th October, Bitfinex, a prominent cryptocurrency exchange, clarified the recent pause of fiat currency transactions on the platform. The main point of discussion occurred when the company revealed that a new and improved fiat deposit system will be available by 16th October. They have explicitly stated that the pause may have caused harm to users but it was done in the light of a few reasons.
Bitfinex said that all cryptocurrency and fiat withdrawals are being processed as usual without the slightest interference. They have also confirmed that the fiat transactions pegged to USD, GBP, JPY, and EUR are being processed as usual. Bitfinex has stated that the main goal of the recent news was to update users that the pause is only ‘temporary’ and only for certain user groups.
Cryptocurrency holders and enthusiasts have jumped on the news with various comments on Bitfinex’s social media posts.
CryptoHamster, a Twitter user commented:
“Now it would be even more funny if #Bitmex will go to maintenance…”
Weepingguitars, another user stated:
“I knew this is all just FUD, crypto cattle being driven by the shepherds in a desired direction.”
Bitfinex had earlier paused USD deposits on 11th October much to the chagrin of users. The exchange had come under scrutiny for the wide use of USD Tether stablecoin. There have not been any transparent audits that prove that the coin is actually backed by USD. This also presents a grave situation for the market, as over $2.6 billion is in USDT.
The Block, a cryptocurrency news reporting portal, revealed that the exchange had paused all of their deposits for USD. They also stated that they “expect the situation to normalize within a week”. The same portal also reported on their new partnership with HSBC Bank, after reports emerged of their previous banking partner finding difficulties to run.
Bitfinex mentioned in their blog post:
“Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organizations. However, we continue to do our utmost to minimize any waiting times associated with fiat deposits and withdrawals.”
Recent news has also shown that Kucoin, another cryptocurrency exchange, had suspended all Tether [USDT] transactions. Kucoin said in a blog post:
“Due to USDT wallet system maintenance, we have decided to temporarily close deposits and withdrawals for USDT. We apologize for any inconvenience caused during the upgrade.When everything has been resolved we will re-open deposits and withdrawals for USDT, please wait for our further updates.”
Subscribe to AMBCrypto’s Newsletter
Ethereum [ETH] experiences major drop of 94% in block transactions since last year
XRP/USD Price Analysis: Prices stagnate as the bears and the bulls continue to brawl
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Ethereum [ETH/USD] Price Analysis: Coin stands tall with the bull by its side
SEC could include Bitwise’s Bitcoin ETF in federal registers; proposal under review for approval
Ripple/XRP: XRP will soon hit Abra cryptocurrency platform, confirms CEO Bill Barhydt
DigiByte community gears up for Global Summit while founder Jared Tate finalises book on decentralized internet
Tron [TRX]’s Justin Sun sets up Valentines day surprise for Ethereum [ETH]’s Vitalik Buterin
After Bitcoin [BTC] ETF silver lining, SEC puts forth circular on ICOs
Ethereum [ETH] could have been stolen through malware impersonating MetaMask
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP
Ethereum [ETH] mining rewards breach lowest levels ever as average difficulty spikes
Coinbase steps up Bug Bounty program; rewards hacker $30,000 for critical bug detection