Business 16 October 2018

Erik Gibbs

Bitfinex makes it easier for users to track activities

The Bitfinex cryptocurrency exchange has come under fire for a lot of issues lately. Last week, it was accused of being insolvent, which it vehemently denied, and was the target of a cyber-attack this past June. Perhaps in an effort to appease customers, the exchange is introducing new tools designed to give users more control, as well as greater activity insight, over their trades.

Hong Kong-based Bitfinex announced the new tools via a blog post published last week. The tools will allow greater flexibility in reviewing account data and users will now be able to “instantly compile an overview of necessary account information stemming as far back as account history goes.”

Bitfinex explains, “As institutions and professional traders enter the digital asset trading space, Bitfinex remains committed to creating the tools required to thoroughly meet their needs. We are of the belief that our suite of tools work to accelerate the rate of global adoption and help facilitate an increasingly mature market.”

Users of the platform can now work offline, facilitated by local storage of their databases. The new system is, according to the announcement, going to be converted to an open-source solution that will allow for the development of customized tools that can better serve individual needs.

The new reporting platform also contains a wallet that is added to end-point ledgers. This provides users with the ability to see which wallets are involved in transactions. End-point currencies have also been added. The announcement further states, “End-points ‘accountTrades’, ‘orderHistory’, ‘fundingOfferHistory’, ‘fundingLoanHistory’ and ‘fundingCreditHistory’ were modified, adding the option to return all the data without filtering by pair/coin when no pair/coin is sent.”

The introduction of the tools coincides with a global effort on the part of regulators to try and prevent tax evasion through cryptocurrencies. More financial authorities around the world are putting pressure on exchanges to have them play a larger role in controlling the cryptocurrency ecosystem. This has resulted in more exchanges, and even some cryptocurrency wallets, adopting policies requiring that their users adhere to Know Your Customer and anti-money laundering regulations.

On October 11, Bitfinex suspended deposits amidst a massive cryptocurrency selloff. As of this writing, deposits are still offline, but withdrawals are reportedly active.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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