Bitfinex restarts fiat deposits via ‘improved’ system

Getting your Trinity Audio player ready...

Embattled cryptocurrency exchange Bitfinex has reinstated fiat deposits, claiming its new system is much “improved” following significant user problems at the exchange in recent times.

The development follows on from the firm’s decision to suspend fiat deposits last week, which the exchange attributed to unspecified “processing complications.” At the time, the decision caused some panic amongst Bitfinex users, fearful the exchange could be the next to unexpectedly hit the rocks.

While Tuesday’s announcement will be comfort to those affected, including the more vocal complaints on social media, it remains to be seen whether Bitfinex has done enough to calm the nerves of their customers.

According to the crypto exchange, the new depositing process will be limited to customers who have been through the Know-Your-Customer (KYC) process, offering deposits across several international fiat currencies: USD, GBP, EUR and JPY, respectively.

Customers can deposit fiat currency to their account by firstly initiating a deposit request, which is then reviewed before being executed by Bitfinex on a case by case basis.

In a blog post introducing the new measures, Bitfinex described its depositing system as more “resilient,” with almost conspiratorial suggestions of an organised campaign against their business over the issue.

“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,” according to the crypto exchange.

Under the new system, deposits will be processed in 6-10 days, and must be of a minimum amount of $10,000. Bitfinex will manually approve accounts, and the service is only available to verified, KYC-compliant users. In all cases, a fee of 0.1000% applies to each deposit.

Thanking their customers for their patience, Bitfinex praised their “continued understanding throughout the entirety of this situation.”