Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' Process

Cryptocurrency exchange Bitfinex says it has rolled out a new process for depositing fiat currency after it halted the service last week.

AccessTimeIconOct 16, 2018 at 1:40 p.m. UTC
Updated Sep 13, 2021 at 8:29 a.m. UTC

Cryptocurrency exchange Bitfinex has just announced a new process for depositing fiat currency after the platform halted the service in recent days.

Announcing the news in a blog post Tuesday, the exchange said the "new, improved and increasingly resilient" deposit system would again allow users who have been verified for know-your-customer (KYC) compliance to top up their accounts with U.S. dollars, pounds Sterling, Japanese yen and euros.

In a previous post on Oct. 5, Bifinex said "processing complications" had caused it to suspend fiat deposits for "certain customer accounts" and "user groups," last week. It was not made clear what categories of customers it was alluding to.

There have also been numerous user complaints across social media, as reported by CoinDesk Monday, saying that withdrawals are also not available, at least for some. Despite that, firm stated in yesterday's post that withdrawals are being processed "as usual without the slightest interference."

Today's announcement, describing the new deposit process as a "distributed banking solution," indicates that verified customers can send money to their wallets by initiating a deposit request.

The exchange will then review the account – which may take up to 48 hours, it warns – and approved users will be provided details ("specific to the individual's transaction") as to how to send the fiat currency.

It also adds that deposits must be a minimum of $10,000 (a seemingly pre-existing condition) and will be processed in six–10 days.

In a comment responding to unspecified "attacks," Bitfinex said:

"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."

It also appealed for "continued understanding throughout the entirety of this situation."

Making a deposit image via Shutterstock


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